ETH’s 7 day options skew has moved below zero. Short dated calls are now trading at a premium to puts, which tells us that demand for near term upside has picked up. We saw something similar in January and May this year. In both cases, the move into negative skew did not last long, and the market soon returned to paying more for downside protection. The stronger bullish comparison is July 2025. Skew stayed negative for much longer then, showing that call demand was not just a brief reaction but part of a more persistent shift in positioning. That is why I would not treat one move below zero as confirmation on its own. What matters now is whether it can stay there. For someone already holding spot ethereum:native, negative skew alone is not a reason to abandon the longer term thesis. But it may not be the best place to aggressively chase new exposure either. Holding the position, taking some profit if the position has become too large, or adding longer-dated downside protection may make more sense. For options traders, short dated calls may look attractive here, but they can lose value quickly if sentiment turns. A more balanced approach would be to protect a spot position with a longer dated put and offset part of that cost by selling a shorter dated call at a higher strike. The simple way I see it: spot holders do not need to chase the move. Options traders may be better off selling expensive short-term upside and using the relatively cheaper puts to protect what they already hold.