Matrixport released a chart today stating that since late August, the option skewness for both BTC and ETH has remained in negative territory, indicating that the market has consistently priced in downside protection, with put options exhibiting relatively higher implied volatility and overall cautious sentiment. Comparatively, BTC's skewness is generally weaker than ETH's. The skewness deepened in mid-November, reflecting a period of market pressure and a significant increase in demand for put options, reflecting heightened risk aversion. While the skewness has recently recovered somewhat, it remains in negative territory, indicating that the pricing focus in the options market is still biased towards downside risk, and reversal pricing is still insufficient. This skewness correction also suggests that pessimistic sentiment is cooling, and the market's bearish bias has eased somewhat.