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BTC and ETH Options: Volatility, Skew, and Risk Appetite in Week 20

Article Deribit Insights
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Summary

This weekly crypto derivatives recap compares BTC and ETH conditions using implied volatility, option skew, and a Risk Appetite Index. BTC is described as consolidating above $80,000 while its options skew remains short of a bullish tilt. Seven-day BTC implied volatility bounced from 31%, a level the report says it had not fallen below since September 2025. ETH’s move above $2,400 briefly coincided with nearly 4% skew toward seven-day out-of-the-money calls, close to a one-month high, before the skew shifted back toward puts as price failed to hold that level.

The report says risk appetite rose for both assets, with the BTC index moving above ETH’s even though ETH crossed the cited bullish-momentum threshold earlier. ETH implied volatility fell across expiries relative to the prior week, suggesting lower expected spot movement. These observations offer a snapshot of changing derivatives positioning and volatility expectations, not a trading system or causal explanation. The text provides no underlying chart values beyond those stated and does not specify how the index is constructed, so comparisons depend on the publisher’s measures and the report’s brief time window.

Key ideas

  • BTC spot consolidated above $80,000 while its options skew did not turn toward calls.
  • BTC seven-day implied volatility rebounded from 31%, according to the report.
  • ETH call skew rose during a brief move above $2,400, then returned toward a put premium.
  • The stated Risk Appetite Index rose for both BTC and ETH, with BTC at the higher level.
  • ETH implied volatility declined across the curve relative to the previous week.

Tags

CryptoOptionsVolatilitySentimentDerivatives pricing

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.