$BTC

Since the end of August, the option bias of BTC and ETH has continued to be in the negative range. The market has dominated the pricing of downward protection for a long time. The implicit volatility of put options is relatively higher, and the overall sentiment is cautious. In horizontal comparison, the bias of BTC is generally weaker than that of ETH. In mid-November, the downward exploration of the bias deepened, reflecting the period of market pressure, the demand for put options rose significantly, and the risk aversion sentiment rose. Although the recent bias has rebounded, it is still in the negative range. The pricing center of the option market is still biased towards downward risk, and the reversal pricing is still insufficient. The repair of bias also means that pessimism is cooling down and the degree of market bias has eased.
$BTC
{spot}(BTCUSDT)
$ETH
{spot}(ETHUSDT)