According to Glassnode, the 1-week 25 delta put skew has rebounded from 7 vol to 14 vol, indicating that traders are still prioritizing downside risk over upside potential. While panic pricing has eased, the elevated skew reflects cautious sentiment in the derivatives market.

According to @QCPgroup, put skew has moderated after the December 85k BTC put was not rolled, indicating reduced near-term demand for downside protection (source: @QCPgroup). They also report overall open interest is down roughly 50% post-expiry, with BTC and ETH positioning lighter and capital sidelined, leaving markets directionless but vulnerable into year-end (source: @QCPgroup).

According to @glassnode, this week options flow leaned toward puts while overall volumes remained modest, indicating defensive positioning without strong directional conviction; source: Glassnode, Dec 19, 2025, https://twitter.com/glassnode/status/2002007236223082693. According to @glassnode, dealer positioning appears long gamma into year-end, which can mechanically suppress spot volatility as hedges are rebalanced around price changes; source: Glassnode, Dec 19, 2025, https://glassno.de/4s6UblD.

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).