PANews reported on November 19th that Gate Research stated the recent overall weakness in the crypto market, with Bitcoin breaking through key support levels and briefly falling below $90,000, erasing its year-to-date gains and falling approximately 27% from its intraday high on October 6th. Technically, the 50-day moving average crossed below the 200-day moving average, forming a "death cross," further shifting the medium-term trend to bearish. In terms of funding, cryptocurrency ETFs saw net outflows of $1.26 billion this month, indicating a significant decline in institutional risk appetite. Amidst overall liquidity contraction, downside protection demand in the options market has increased, leading to higher short-term put implied volatility (IV) and a corresponding rise in overall implied volatility. This week, implied volatility in the options market remained high, with BTC IV at 50.9% and ETH IV at 75%. The 25-Delta Skew for both BTC and ETH quickly turned negative and the curves became steep, indicating rising market panic and defensive sentiment. The largest transaction was a buy order for BTC-281125-116000-C and a sell order for BTC-211125-107000-C, totaling approximately 1,500 BTC and incurring premium payments of approximately $96,000. This involved betting on a moderate decline while hedging against tail risks on the upside.PANews reported on November 19th that Gate Research stated the recent overall weakness in the crypto market, with Bitcoin breaking through key support levels and briefly falling below $90,000, erasing its year-to-date gains and falling approximately 27% from its intraday high on October 6th. Technically, the 50-day moving average crossed below the 200-day moving average, forming a "death cross," further shifting the medium-term trend to bearish. In terms of funding, cryptocurrency ETFs saw net outflows of $1.26 billion this month, indicating a significant decline in institutional risk appetite. Amidst overall liquidity contraction, downside protection demand in the options market has increased, leading to higher short-term put implied volatility (IV) and a corresponding rise in overall implied volatility. This week, implied volatility in the options market remained high, with BTC IV at 50.9% and ETH IV at 75%. The 25-Delta Skew for both BTC and ETH quickly turned negative and the curves became steep, indicating rising market panic and defensive sentiment. The largest transaction was a buy order for BTC-281125-116000-C and a sell order for BTC-211125-107000-C, totaling approximately 1,500 BTC and incurring premium payments of approximately $96,000. This involved betting on a moderate decline while hedging against tail risks on the upside.