25-Delta Skew
The bias in the options market between put protection and call upside, measured at the 25-delta strike level on both sides of the at-the-money price. Persistent skew toward puts indicates hedging pressure and defensive positioning, while skew toward calls indicates speculative reach and risk-on positioning.
What 25-Delta Skew Is
The bias in the options market between put protection and call upside, measured at the 25-delta strike level on both sides of the at-the-money price. Persistent skew toward puts indicates hedging pressure and defensive positioning, while skew toward calls indicates speculative reach and risk-on positioning.
Where 25-Delta Skew Appears in TBL Research
25-Delta Skew is one of the derivatives that TBL tracks. For how it fits the broader framework, see Bitcoin ETF Flows and Market Structure.
Related TBL Resources
Bitcoin ETF Flows and Market Structure
The January 2024 launch of US spot Bitcoin ETFs converted Bitcoin from a retail-led market into one where institutional flows, accumulation vehicles, and derivatives positioning set the price. TBL reads the post-ETF tape through five signals: flows by issuer, aggregate ETF cost basis versus spot, supply versus demand on a 90-day basis, the Coinbase premium, and the trend-versus-valuation quadrant.
TBL Glossary
Plain-English definitions for the macro, derivatives, on-chain, and TBL proprietary terms used across TBL's research. Each entry covers what the indicator measures and why it matters, conceptual form only, without proprietary formulas or live readings.
The indicators defined here are tracked live on TBL Pulse and interpreted in weekly written form in TBL Pro.