PANews reported on December 22 that, according to the latest data from Matrixport, the option skewness for BTC and ETH has been consistently in negative territory since late August, indicating that the market is pricing in higher downside protection, with high implied volatility for put options and an overall cautious sentiment.

In a horizontal comparison, BTC's option skewness is generally weaker than ETH's. In mid-November this year, the skewness further declined, reflecting a significant increase in demand for put options during a period of market pressure and a strengthening of risk aversion.

Recently, although the skewness has rebounded somewhat, it remains in negative territory, indicating that the pricing focus in the options market is still biased towards downside risk, and reversal signals are not yet sufficient. However, the improvement in skewness also suggests that market pessimism is gradually cooling, and the overall bearish bias has eased.