According to @glassnode, 25-delta skew remains in put territory, while the skew index shows short-dated skew near equilibrium and longer-dated skew leaning higher, indicating demand for upside convexity rather than pure hedging, source: @glassnode. For traders, this split skew profile highlights balanced near-term option pricing but growing demand for longer-dated upside convexity exposure, source: @glassnode.

According to @glassnode, Ethereum options flow shows call premium paid of approximately $82M on Aug 8 and $31.5M on Aug 11, consistently outpacing puts (source: @glassnode). According to @glassnode, traders are paying up for upside convexity as ETH presses higher, confirming a tilt toward calls in mid-August 2025 (source: @glassnode).