Comparison Options BTC Option Skew Delta 5
Bitcoin
The implied-volatility skew for BTC: how much more downside puts cost than upside calls at matched deltas.
Why it matters
It reads which tail the market fears — crash protection bid, or upside chase.
How it is built
Difference of put and call implied volatility at symmetric deltas, per expiry bucket.
What to watch
Skew flipping negative (calls over puts) has marked euphoric chases; deeply positive skew prices crash risk. The 25-delta reads the body of the distribution, the 10- and 5-delta read the extreme tail.
Related metrics
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