Crypto Market Sentiment Cools, Traders Show No Panic

Despite the cooling sentiment in the crypto market, traders have not shown signs of panic. Major cryptocurrencies like Bitcoin and Ethereum have come under pressure after a bullish trend was interrupted last Monday, but the options market does not indicate that traders are eager to buy downside protection. Skew indicators show that put options are slightly more expensive than call options, but far from reaching historically typical levels. Data analysis firm Laeviats points out that this is a skew regression rather than concentrated buying of put options. The weekly change in Bitcoin's 7-day skew is at the 92nd percentile of the 52-week range, relative to a median of -4.41v, indicating that downside protection remains at historically cheap levels. For Ethereum, call options are still more expensive than put options, but the premium has narrowed compared to a week ago, showing a cooling of bullish sentiment.

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