According to @glassnode, 25-delta skew remains firmly in put territory and is compressed around 10% across option tenors. According to @glassnode, even as implied volatility declines, puts are priced richer than calls, signaling persistent demand for downside protection.

According to @glassnode, ETH options skew showed an upside bias on Aug 22, with the 1-week skew at -7% and calls richer than puts (source: @glassnode). By Aug 25, the skew turned defensive to +4% as puts became richer (source: @glassnode). On Aug 28, skews across tenors moved near 0%, indicating a neutral balance and a rapid repricing of ETH risk back to equilibrium (source: @glassnode).