PANIC IN BITCOIN OPTIONS MARKETS As measured by BTC 25 delta skew. > 1W 25 delta skew @ 17.6%, highest since Apr 2025 > 1M 25 delta skew @ 13%, highest since Sept 2023 > 3M 25 delta skew @ 13%, highest since Mar 2023 > 6M 25 delta skew @ 6.7%, highest since Jan 2023 The 25 delta skew measures the difference in implied volatility between a 25-delta put and a 25-delta call of the same expiry. => 25Δ Skew = IV(25-delta put) − IV(25-delta call) It tells you how much extra traders are paying for downside exposure.(Alex Krüger)