In this week’s edition of Option Flows, Tony Stewart is commenting on large trades and even more FUD to the market.
Normally write when Options active, but tape bereft of large trades, yet market sentiment (distinctly BTC) extreme negative and FUD rife.
Skew (extreme high) confirms.
But Implied Vol apathetic,
Interpretation: Protection on, concern, no panic.
2) Flow continues without a doubt to be negatively biased, but Option volumes are low and while Vol moves around, it is contained.
This is a market enchanted by darkness and fear, but still a distance from the Bear hysteria cantillation, prevalent on media.
Bulls are grazing.
View Twitter thread.