BTC's 25 delta skew continues to deteriorate across short-dated maturities, with 1D, 7D, and 1M tenors now trading near the most negative levels recorded in recent months. The repricing has been concentrated in the front end of the curve, while longer-dated maturities have remained comparatively stable. The resulting term structure has become increasingly steep, with downside premium concentrated in near-term expirations. Current readings of -10.7% (1D), -11.3% (7D), and -9.6% (1M) compare with -6.0% (6M) and -5.0% (1Y), highlighting the widening gap between short- and long-dated risk pricing. Puts continue to command a meaningful premium over calls across all major tenors. The current skew configuration reflects persistent demand for near-term downside protection, while longer-dated options pricing remains comparatively anchored.(Greeks.live)