BTC & ETH Options 25-Delta Skew

Flat — puts and calls roughly balanced

Put $79,000 IV 38.1% · Call $89,000 IV 36.0%

Spot $83,589 · expiry 2026-10-30 (22d)

Flat — puts and calls roughly balanced

Put $2,400 IV 46.4% · Call $2,800 IV 44.8%

Spot $2,589 · expiry 2026-10-30 (22d)

What is options skew (25-delta risk reversal)?

It is the gap between the implied volatility of an out-of-the-money put and an out-of-the-money call at the same delta (here, ~25-delta) and the same expiry. Positive skew means downside puts are pricier relative to upside calls — the options market is paying more to hedge a crash than to chase a rally. Negative skew means the reverse: calls are bid over puts, consistent with melt-up/FOMO positioning.

Why 25-delta specifically?

It is the standard institutional convention (the same one Deribit’s own analytics and most professional options desks use) — deep enough out-of-the-money to isolate genuine tail-risk pricing, not so far out that open interest and quotes get too thin to trust.

Which expiry does this track?

The Deribit expiry nearest to 30 days out (the conventional “front month” tenor most options-desk skew readings use), not the very nearest expiry — a 1-2 day expiry’s 25-delta strikes sit too close to spot and the reading gets noisy.

Is skew a trading signal?

No — it is a description of current options-market positioning, not a forecast. Skew can stay elevated (or invert) for extended periods without price following. Treat it as one input among many, not a signal to act on alone.