BTC's 25 delta skew has stabilized across the curve following the sharp repricing observed through June, although downside protection continues to command a premium across all major maturities. Current readings stand at -6.4% (1D), -6.7% (7D), and -7.0% (1M), indicating that front end hedging demand has moderated from recent extremes. The term structure has become noticeably flatter, with 3M (-6.6%), 6M (-5.6%), and 1Y (-5.3%) skew remaining comparatively close to front end levels. The compression between short and long dated tenors suggests a more balanced distribution of downside premium across the curve than was observed earlier in the quarter. Puts continue to trade at a premium to calls across all major expirations, although the magnitude of that premium has become more uniform. Relative to previous weeks, downside risk pricing is no longer concentrated exclusively in front end maturities, with medium term expirations accounting for a larger share of overall skew. The current skew profile reflects a more normalized term structure while maintaining a persistent downside bias in options pricing. Compared with the sharp front end dislocations seen earlier in June, risk pricing is now more evenly distributed across maturities, indicating a less fragmented options market.(Greeks.live)