The 17.6% weekly drop in total market capitalization was mostly impacted by Bitcoin's.

Excessive buying demand tends to pressure the indicator above fair value at 100% and during bearish markets, the stablecoin's market offer is flooded, causing a 4% or higher discount.

Despite the 24% drop in total cryptocurrency market capitalization, no panic selling came from Asian retail investors.

Traders can gauge the overall sentiment of the market by measuring whether more activity is going through call options or put options.

Still, the Bitcoin options market remains more strongly populated by neutral-to-bearish strategies, as the current 0.63 level indicates.

Combining the absence of stablecoin demand in Asia and negatively skewed perpetual contract premiums, it becomes evident that traders are not comfortable that the $850 billion market capitalization support will hold in the near term.