BTC: Skew Normalizes Across Term Structure

BTC 25 delta skew has normalized across the term structure, with downside premium readings now at -4.2% (1D), -4.4% (7D), -5.5% (1M), -6.0% (2M), -6.0% (3M), -5.5% (6M) and -5.1% (1Y).

Front-end skew no longer trades at the steep discount seen earlier in the quarter, and puts maintain a uniform premium to calls rather than the concentrated near-term pricing observed through June.

BTC price action at $64009 sits inside Bollinger Bands with upper resistance at $64946.14 and lower support at $61929.17 while the 50-EMA holds at $63133.2; the neutral RSI(14) at 58.9 alongside the MACD death cross at -157.69 points to a measured retracement toward that EMA50 level before any sustained push higher, keeping Bitcoin volatility skew and options term structure in focus for institutional desks.