According to Glassnode, BTC options 25-delta skew had been normalizing over the past month before the 90K retest reignited downside demand; source: Glassnode on X, Jan 9, 2026; glassno.de/3LrpW8o. The 1-week skew now sits near 8.2 percent, favoring puts and reflecting short-term downside hedging; source: Glassnode on X, Jan 9, 2026; glassno.de/3LrpW8o. This indicates bearish skew remains in place for BTC options around the 90K area in the near term; source: Glassnode on X, Jan 9, 2026; glassno.de/3LrpW8o.

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).