According to @glassnode, at similar BTC spot levels to Nov 21, the 1-week put implied volatility previously spiked to 76%, indicating aggressive downside hedging (source: @glassnode, glassno.de/4ozRBSd). Yesterday the same tenor was roughly 63%, signaling a more muted risk premium and a less worried market (source: @glassnode, glassno.de/4ozRBSd). @glassnode cautions that any further downside could trigger a far sharper IV repricing, increasing the risk of rapid options repricing if spot weakens (source: @glassnode, glassno.de/4ozRBSd).