Puts are trading at a premium to calls, signaling a spike in demand for downside protection. This skew is most pronounced in short-term maturities - a level of fear not seen since BTC was in the $20Ks in mid-’23.

Despite this, BTC hasn't broken down like equities did on recent tariff headlines. That disconnect - rising panic without a price collapse - makes the current options market setup especially notable.

Skew like this usually appears when positioning is one-sided and fear runs high. TLDR: panic is elevated, but price is holding. That’s often what a bottom looks like.