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As of 2026-10-14T04:53:39.070Z, the BTC Skew Delta 25 reading is put-skew 2.78% vs call-skew 1.39%. Market sentiment is flagged as Greed - Put skew below normal levels, indicating reduced downside protection demand and potential market complacency.. Historical context: 100th percentile over 30 days, 67th over 90 days, 28th over one year. No anomaly currently detected.
Independent analytics, not affiliated with Deribit.
| Vs. | 1D | 2D | 3D | 9D | 16D | 44D | 72D | 163D | 254D | 345D |
|---|---|---|---|---|---|---|---|---|---|---|
| 1D | - | +2.7% | -2.3% | -3.8% | -1.9% | +8.7% |
25-delta skew (Skew Delta 25) is the implied volatility spread between the 25-delta put and 25-delta call: Skew = IV(25Δ put) − IV(25Δ call). A negative value means puts cost more than calls — the market is pricing in more downside risk. It is the industry-standard measure of options skew because 25-delta strikes offer the best balance of liquidity and sensitivity.
Negative put skew means the market is paying a premium for downside protection. In BTC and ETH options, extreme negative skew (below −7%) typically reflects panic or elevated fear of a large selloff. Moderate negative skew (−3% to −5%) is normal. Positive skew is rare and signals strong bullish demand for call options.
Term structure is implied volatility plotted across different expiry dates. Contango (rising IV with time) is the normal state — near-term options are cheaper because there is less time for large moves. Backwardation (falling IV with time) indicates near-term stress or event risk. The ATM IV spread between front-month and back-month is a reliable regime indicator.
The 30D, 90D, and 1Y percentile ranks show where the current skew level sits relative to its own history. A 90th-percentile reading means put skew is more expensive than 90% of the past observations — historically elevated fear. Sub-20th-percentile means unusually cheap put protection relative to history.
| +9.8% |
| +13.2% |
| +14.6% |
| +16.0% |
| 2D | -2.6% | - | -4.9% | -6.3% | -4.5% | +5.8% | +6.9% | +10.2% | +11.6% | +13.0% |
| 3D | +2.4% | +5.2% | - | -1.5% | +0.4% | +11.2% | +12.4% | +15.8% | +17.4% | +18.8% |
| 9D | +4.0% | +6.8% | +1.5% | - | +2.0% | +12.9% | +14.1% | +17.6% | +19.2% | +20.6% |
| 16D | +1.9% | +4.7% | -0.4% | -1.9% | - | +10.8% | +11.9% | +15.4% | +16.9% | +18.3% |
| 44D | -8.0% | -5.5% | -10.1% | -11.5% | -9.7% | - | +1.0% | +4.2% | +5.5% | +6.8% |
| 72D | -8.9% | -6.4% | -11.0% | -12.4% | -10.7% | -1.0% | - | +3.1% | +4.4% | +5.7% |
| 163D | -11.6% | -9.2% | -13.7% | -15.0% | -13.3% | -4.0% | -3.0% | - | +1.3% | +2.5% |
| 254D | -12.8% | -10.4% | -14.8% | -16.1% | -14.4% | -5.2% | -4.2% | -1.3% | - | +1.2% |
| 345D | -13.8% | -11.5% | -15.8% | -17.1% | -15.5% | -6.4% | -5.4% | -2.5% | -1.2% | - |
Put skew below normal levels, indicating reduced downside protection demand and potential market complacency.
Market Rating: Greed (Low) - Put skew at 2.8% is below normal levels, indicating reduced downside protection demand.
Risk Assessment: Low - However, low put skew may signal complacency, which could lead to sudden volatility spikes if sentiment shifts.
⚠️ COMPLACENCY RISK: Low put skew may indicate market complacency. Reduced downside protection could lead to sharp corrections.
Term Structure: Normal volatility curve (Short-term IV 34.0% vs Long-term 39.4%) suggests stable market expectations.
Call Skew: Within normal range at 1.4% suggests balanced upside positioning.
A skew anomaly alert fires when the current 25-delta skew deviates significantly from its recent moving average — typically a sudden spike in put implied volatility not accompanied by a corresponding spot move. This often precedes increased hedging demand or a positioning squeeze around a near-term expiry.
Historical Context shows where the current Put Skew ranks compared to historical values.
Percentiles indicate what percentage of historical values were lower than the current value. Higher percentiles mean the current Put Skew is more extreme.
30D/90D/1Y refer to the time periods used for comparison (30 days, 90 days, 1 year).