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BTC options are pricing a clear downside bias across the volatility curve. The BTC 25 delta skew stands at 11.3% for 1 day, 10.5% for 1 week and 10.8% for 1 month, compared with 3.9% at 1 year. Puts carry a higher implied volatility than comparable calls across every maturity, with the difference most pronounced toward the front of the curve.

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