Bitcoin 30-Day Option Delta Skew Surges to 12% on Deribit, Signaling Extreme Market Fear

Deribit data shows the Bitcoin 30-day option Delta skew surged to 12%, its highest reading in over four months, signaling elevated market fear. In neutral conditions the skew typically oscillates between −6% and +6%, reflecting balanced pricing of call and put options, while levels above 10% are conventionally interpreted as extreme stress rather than a persistent regime.

Previously the indicator reached 13% on April 7 when Bitcoin fell below $74,500; over the subsequent month, traders increasing exposure captured an approximately 40% return as BTC traded near $104,150 on May 8, underscoring how option-implied sentiment can reverse amid volatility.

A Cointelegraph analysis suggests there is no clear evidence the broader bull market has ended, noting investor fear often exceeds fundamentals and that potential equity outflows could provide support to the crypto market; current turbulence, on available data, does not demonstrably negate a longer-term bullish trend.