According to @glassnode, at similar BTC spot levels to Nov 21, the 1-week put implied volatility previously spiked to 76%, indicating aggressive downside hedging (source: @glassnode, glassno.de/4ozRBSd). Yesterday the same tenor was roughly 63%, signaling a more muted risk premium and a less worried market (source: @glassnode, glassno.de/4ozRBSd). @glassnode cautions that any further downside could trigger a far sharper IV repricing, increasing the risk of rapid options repricing if spot weakens (source: @glassnode, glassno.de/4ozRBSd).

According to @godbole17, the one-year call-put skew remains biased toward puts, highlighting continued preference for downside protection in long-dated options markets (source: @godbole17 on X, Nov 25, 2025). In options markets, a put-biased skew means implied volatility for puts is higher than for calls of the same maturity, indicating stronger demand for hedges against downside moves (source: Cboe Options Institute; CFA Institute). For trading, a persistent long-dated put-skew typically supports risk-management structures such as protective puts or collars and can inform volatility-relative trades that sell richer put IV versus call IV with appropriate risk controls (source: Cboe Options Institute; CFA Institute).

According to the source, Bitdeer increased its BTC put holdings to 2,126.8 BTC, indicating a substantial build-up of downside options exposure. Source: X post dated Oct 19, 2025. In crypto options markets, large put accumulation typically supports higher near-term implied volatility and a steeper 25-delta put skew, which traders track for downside protection costs. Source: Cboe Options Institute; Deribit Insights. Crypto options positions are commonly quoted in underlying units (BTC), and concentrated put open interest can affect dealer hedging flows when clustered near key strikes. Source: Deribit documentation; Cboe Options Institute. Traders can monitor BTC DVOL, 25-delta skew, and front-week versus back-week term structure to gauge whether hedging demand is tightening or easing. Source: Deribit DVOL methodology; Deribit Insights. Mining-related firms often use derivatives to manage spot price risk, making such flows relevant to BTC derivatives liquidity and volatility. Source: CME Group education on hedging; Bitdeer Technologies Group investor relations.

According to glassnode, BTC's 25 Delta Skew has shifted sharply upwards over the past week, with the 1-week skew jumping from -2.6% to +10.1% and the 1-month skew rising from -2.2% to +4.9%. These levels are approaching those seen before Liberation Day, indicating a notable increase in risk-off sentiment among traders. This data suggests that market participants are actively hedging or speculating on downside risk for BTC, which is a critical signal for short-term trading strategies and risk management. Source: glassnode (June 16, 2025).