According to @glassnode, the crypto options market is seeing a significant dominance of puts, representing 65.8% of activity. Put selling is prevalent, indicating that while some traders are capitalizing on downside volatility, others are positioning for potential further declines. This trend underscores bearish momentum and growing downside hedging.

According to @glassnode, the skew for puts remains at 14%, reflecting a decline from the previous 26% during peak market fear. This indicates that traders are quick to hedge against perceived risks but unwind these positions as fear diminishes. Such dynamics highlight the sensitivity of the options market to risk sentiment changes.

According to @glassnode, downside skew has steepened across the options curve and short dated skews have not fully reverted. According to @glassnode, options are priced with clear asymmetry, showing downside protection remains in demand and fear has not fully cleared.