According to glassnode, conviction fades further out on the curve as the 3M 25D skew shifted by less than 1.5% and remained firmly in put territory, continuing to price asymmetric downside despite near-dated call demand (source: glassnode). glassnode added that the persistent put-side skew indicates longer-tenor options still reflect downside protection even as short-dated upside interest appears (source: glassnode).