BTC's 25 delta skew continues to normalize across the term structure, with downside premium moderating noticeably from the dislocations observed in early June. Current readings stand at -4.2% (1D), -4.4% (7D), -5.5% (1M), -6.0% (2M), -6.0% (3M), -5.5% (6M), and -5.1% (1Y), indicating a more balanced distribution of risk pricing across maturities. The compression between short and long dated tenors has narrowed materially, with front end skew no longer trading at the significant discount seen earlier in the quarter. Relative to previous weeks, downside premium is now distributed more evenly across the curve rather than being concentrated in near term expirations. Puts continue to trade at a premium to calls across all major tenors, although the magnitude of that premium has become increasingly uniform. Compared with the sharp front end repricing observed through June, the current term structure reflects a more consistent pricing of downside protection across maturities.(Greeks.live)