Bitcoin Options Skew Stays Positive Amid Low Volatility

The Bitcoin options market is showing signs of caution, with a persistent positive skew in favor of puts over calls. This trend has been observed for up to a year, indicating that traders are prioritizing downside protection over upside exposure.

The 30-day 25-delta skew has remained positive throughout the year, suggesting that users are willing to pay a premium for put options and hedge against potential dips in the market. This is particularly notable given the current low-volatility environment, which might normally be expected to reduce demand for puts.

The spot turnover slump in comparison to the market cap has hit record low levels, indicating minimal liquidity across the BTC markets. This structural shift further reinforces the cautious tone observed in the options markets, where hedging demand is becoming an increasingly important sentiment signal.