Despite a mild recovery BTC's 25 delta skew remains heavily skewed toward downside protection, with front end maturities continuing to trade near the most negative levels of the quarter. Current readings stand at -11.0% (1D), -11.0% (7D), and -8.0% (1M), highlighting persistent demand for near term downside hedges. The weakness has broadened across the curve, with 3M (-7.4%) and 6M (-6.3%) skew also trending lower, although longer dated tenors remain materially less negative than the front end. As a result, downside premium continues to be concentrated in short dated expirations while extending further into medium term maturities. Puts continue to trade at a meaningful premium to calls across all major tenors. The current term structure reflects a sustained preference for downside protection, with the steepest risk premium remaining concentrated in front end options. Compared with longer dated maturities, short dated skew continues to account for the majority of downside premium embedded in BTC options pricing, indicating that options positioning remains primarily driven by near-term risk management rather than a broad repricing of longer-term expectations.(Greeks.live)