Bitcoin: Short-Dated Skew Hits Monthly Lows

Bitcoin 25-delta skew has collapsed to the most negative levels in recent months, with 1D, 7D and 1M tenors printing -10.7%, -11.3% and -9.6% respectively while 6M and 1Y remain anchored near -6.0% and -5.0%.

The steepening term structure reflects concentrated demand for near-term downside protection in the options market, a pattern that has widened the gap between front-end and back-end risk pricing over the past six months.

Price action at $62389.84 sits just below the lower Bollinger Band support of $62603.54 while the EMA50 at $64000.39 and EMA200 at $68263.0 continue to cap upside; the MACD death cross at -256.26 and RSI at 35.07 reinforce the bearish structure, suggesting any bounce will likely stall at the 50-EMA before further downside tests.