TechFlow news, October 18: Market sentiment toward Bitcoin as a safe-haven asset continues to weaken. Two key leading indicators—options market data and on-chain mining activity—have simultaneously deteriorated, signaling potential for a new wave of selling pressure.
According to Cointelegraph, the Bitcoin options market's "30-day delta skew" has risen above 10%, indicating that professional traders are paying premiums to buy put options to hedge against potential downside risk. Deribit data shows put option volume exceeding call volume by 50%, reaching a one-month high and reflecting a clear bearish shift in investor sentiment.
Meanwhile, CryptoQuant data reveals that miners have transferred over 51,000 Bitcoin (approximately $5.7 billion) to exchanges since October 9—the largest such movement since July. Historical patterns suggest that concentrated miner transfers often precede short-term increases in selling pressure.
Under this dual pressure, Bitcoin has fallen back toward levels last seen around October 11, while the market's "Fear & Greed Index" has dropped into the "extreme fear" zone.
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