Bitcoin reached an all-time high of $99,830 on November 22, but has since fallen over 8%, dropping to $91,377.32 on Tuesday, marking a new low for the week.

So far this year, the most famous cryptocurrency has surged 120%, rising about 34% this month, which is related to Donald Trump's election as President of the United States and a wave of pro-cryptocurrency lawmakers in Congress. Trump supported digital assets during his campaign, promising to make the U.S. the 'global cryptocurrency capital' and accumulate a national Bitcoin reserve.

The so-called bullish-bearish skew index for Bitcoin, expiring on December 27, has dropped significantly by 30% in the past 24 hours as market participants shifted towards more protective strategies.

The bullish-bearish skew reflects market sentiment, referring to the difference in implied volatility between call options and put options. Despite the decline, this index still shows that there are more call options than put options in the market.