On November 23rd, Bitwise advisor Jeff Park posted on social media that a noteworthy phenomenon in the recent sell-off is that the characteristics of market volatility tend to be more "call-over stickiness" than "Delta stickiness". (This shows that the sell-off is not driven by the mechanical dynamic hedging of market makers, but by the concentrated views and behaviors of market participants at a specific price point (call-over price).) This is very different from the market performance during the "Liberation Day" period.
This feature gives rise to two possible signals: first, traders believe that the market is likely to rebound rapidly; second, volatility will remain high.
Bitwise advisor: The characteristics of market volatility suggest that traders believe there will be a quick rebound, and volatility may remain high
2025-11-23 02:10:29
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