On November 23, Bitwise advisor Jeff Park posted on social media that a notable phenomenon in the recent sell-off is that the market volatility characteristics are more akin to 'strike price stickiness' rather than 'Delta stickiness.' (This indicates that the sell-off is not driven by market makers' mechanical dynamic hedging, but by market participants' concentrated views and actions at specific price points (strike prices).) This is completely different from the market behavior during the 'liberation day.'

This characteristic signals two possibilities: first, traders believe the market may experience a rapid rebound; second, volatility will remain at a high level.