Analysis: Despite the recent strong demand for call options, it still continues to reflect asymmetric downside risks According to Glassnode analysis, during the mid January Bitcoin rally, the 25D skewness was pulled from the deep put area towards neutrality, and the put/call ratio of option trading volume decreased from 1 to 0.4 during the same period, indicating strong bullish activity. The key issue is not whether call options are bought, but how short the actual term of this demand is. The longer-term skewness presents different situations: the monthly 25D skewness only moves from a minimum of 7% to 4%, still in the bearish asymmetric range; The three-month 25D skewness change is less than 1.5% and is firmly in the put zone. Despite the recent strong demand for call options, it still reflects asymmetric downside risks. This difference indicates that the upward demand is real, but concentrated in the short term. The trading volume exists, but the risk has not been repriced in all terms. At the same time, the implied volatility of flat options is sold during price increases, and gamma sellers take profits during price increases. This volatility behavior is not a typical characteristic of a sustainable breakout market. The ideal breakthrough in the market requires spot prices to approach key levels, with each term skewing firmly towards higher levels and volatility being bought, but last week's trend did not meet these conditions.