Greeks.live: Market panic has not disappeared, and the mid-term forward options data from the end of the year to the following year still points to bearish

Greeks.live macro analyst Adam said in a social media post, In the third quarter, we observed that the options market was clearly optimistic about the fourth quarter. Even in late August, when bitcoin prices continued to decline, options holdings in the fourth quarter were still bullish.
We called it the Q4 market or the Christmas market at the time. However, the 1011 slump and the continued decline in November have destroyed the previous market structure. In the current market context, the voice of hitting new prices in the fourth quarter has completely disappeared, and the pessimism is spreading.
Although RV, IV, and 25D Skew all showed a pullback this week, the market panic has not disappeared, and the mid-term forward options data for the year to the following year still points to bearish.
Due to the approaching monthly delivery, the price has changed a lot this month, so the demand for the giant whale to move the warehouse is very strong, and the huge order mentioned by Jake O should also be part of the adjustment.
From the overall data, the current short-term bottom has been formed, the options market's preference for the recent continued decline has weakened, and the market expectation of short-term volatility is greater. But the market in the last month of this year is still dangerous, and volatility expectations are still high.