On August 20th, according to Deribit data, the 30-day Options Delta skew (put-call) for Bitcoin soared to 12%, reaching its highest level in over four months. Under neutral conditions, this indicator typically fluctuates between -6% and +6%, reflecting the balanced pricing of bullish (buy) and bearish (sell) Options. A level above 10% indicates extreme market panic, but such situations rarely persist.

Previously, the aforementioned indicators soared to 13% on April 7, when Bitcoin fell below $74,500 for the first time in five months. Subsequently, risk-taking investors gained 40% in the following month, with Bitcoin rising to $104,150 on May 8.
Cointelegraph analysis indicates that there is no evidence suggesting that the Bitcoin bull market has ended. Traders' fear often exceeds rational expectations. In fact, this cryptocurrency may even benefit from potential fund outflows from the stock market, indicating that the current fluctuation does not offset the market's long-term bullish trend.