Bitwise advisor: Market volatility patterns indicate traders expect a rapid rebound, and volatility may remain elevated

On November 23, Bitwise advisor Jeff Park posted on social media that a notable phenomenon in the recent sell-off is that market volatility characteristics are more akin to 'strike price stickiness' rather than 'Delta stickiness.' (This indicates that the current sell-off is not driven by mechanical dynamic hedging by market makers, but rather by market participants' concentrated views and actions at specific price points—strike prices.) This is in stark contrast to market performance during 'unlock days.' This characteristic sends out two possible signals: first, traders believe the market may experience a rapid rebound; second, volatility will remain at a high level.