According to @glassnode, upside implied volatility in crypto options is showing a similar pattern, with call sellers emerging near the local top as price momentum slowed, source: @glassnode. This call-selling to harvest yield is capping aggressive upside expectations in the near term, source: @glassnode.

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).