According to @glassnode, 25-delta skew remains in put territory, while the skew index shows short-dated skew near equilibrium and longer-dated skew leaning higher, indicating demand for upside convexity rather than pure hedging, source: @glassnode. For traders, this split skew profile highlights balanced near-term option pricing but growing demand for longer-dated upside convexity exposure, source: @glassnode.