Option traders are bearish, but the demand for options is still low

The high volatility skew suggests that option traders are long-term bearish, but the low implied volatility indicates they are hesitant to take directional bets.
Source: Skew

Options enable traders to bet on movements in price. Therefore, the more volatile an asset is, the more expensive are its options. Implied volatility (IV) is inferred from option prices and shows how volatile traders believe an asset to be in the future. The lower the IV - the lower the options prices.

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