According to the source, BTC options markets show traders paying up for downside protection as put prices outpace calls while 30-day implied volatility sits near a two-year low, indicating elevated demand for hedges despite subdued vol (source: Deribit). This positioning contrasts with supportive macro tailwinds cited in the market, including a recent U.S. policy rate cut and the SEC’s accelerated handling of crypto ETF filings (sources: Federal Reserve; U.S. SEC). For execution, the rich put skew versus low overall IV favors cost-controlled structures such as bear put spreads or protective collars over outright long puts to mitigate theta and skew costs (source: Deribit). Near-term risk management should account for potential sharp moves where skew implies improved downside payoff asymmetry if BTC weakens, while low IV increases carry risk if spot remains stable (source: Deribit).

According to QCPgroup, options flow data indicates that traders are positioning tactically bullish on BTC, focusing on 29AUG25 call flys at the 118k, 124k, and 126k strike prices, with the maximum payoff at 124k. The current put skew remains elevated, suggesting ongoing caution, but has not reached panic levels. A move in BTC price back above 115k could help normalize the skew, potentially impacting near-term volatility and directional bias. Source: QCPgroup.

According to @GreeksLive, the current put skew suggests that a significant number of traders are holding long put positions. This indicates a bearish sentiment in the market, as traders are anticipating potential declines in asset prices. Monitoring this trend could provide valuable insights for trading strategies.