TechFlow, December 22 — Matrixport published an analysis indicating that as of December 22, 2025, the options skew (25Δ Delta Skew) for BTC and ETH remains in negative territory but has recently rebounded, suggesting a cooling of market pessimism. Since late August, the options skew for both major cryptocurrencies has remained persistently negative, reflecting long-standing market preference for pricing downside risk protection, with higher implied volatility in put options. A horizontal comparison shows that BTC's skew is generally weaker than ETH's, particularly evident in mid-November when the skew deepened, reflecting significant market pressure at the time. Although the skew has partially recovered recently, market pricing still leans toward downside risks, and reversal signals remain insufficient.
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