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Bitcoin drops below $54K, stocks sell-off after new Covid variant emerges

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Deribit exchange is the absolute leader in the Bitcoin (BTC) options markets and on Nov. 24 the 25% delta skew indicator signaled that sentiment among pro traders was becoming “more bearish overall.”We've seen 25-Delta put skew moved from around 0% to almost 10-15% pending time to expiry since beginning of Nov implying a more bearish overall sentiment.

Premiums for downward protection are getting more expensive.In the short term, this expiry has a Max pain of $58k.

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