
On May 6, BTC touched $83K, its highest level since late January, with the 1W 25-delta risk reversal showing puts trading at a modest 0.45 vol points premium over calls, while the 1M stood at -1.6 vols. Since then, both tenors trended lower as BTC failed to sustain its rally, reaching −9.5 and −7.5 vols respectively, levels not seen since early April, as BTC fell below $78k. Puts are currently trading at 7.5 and 7.3 vol points premium over calls on the 1W and 1M respectively, with the skew RR remaining negative across all tenors.
