BTC's 25 delta skew has continued to normalize across the curve, with the most notable improvement occurring in front end maturities. 1D (+1.4%) and 7D (+0.4%) skew have moved into positive territory, while 1M (-2.2%) has repriced materially higher, reflecting a significant reduction in near term downside premium. The term structure has flattened further as the gap between short and long dated maturities continues to compress. Current readings of -3.6% (2M), -4.1% (3M), -4.7% (6M), and -4.8% (1Y) indicate a more uniform distribution of risk pricing across the curve relative to the pronounced front end dislocations observed earlier in the quarter. While puts continue to trade at a premium to calls beyond the very front end, the sharp recovery in short dated skew suggests that immediate downside hedging demand has eased considerably. Relative to previous weeks, downside premium is no longer concentrated in near term expirations and has become increasingly balanced across maturities.(Greeks.live)