Bitcoin and Ethereum have faced selling pressure since last Monday, while options pricing has shifted toward a more defensive stance as bullish sentiment cools. Bitcoin’s seven-day skew fell to -0.45 volatility points, indicating that put options are now more favored than calls, but the move does not show the kind of aggressive protection buying typically associated with panic. The skew remains at the 92nd percentile of its 52-week range, although downside protection is still historically cheap relative to the median. Laeviats described the move as a skew reversion rather than urgent demand for protection. 10x Research has reported rising put demand, but said it remains unclear whether that reflects short-term hedging or a broader market-structure change. Bitcoin’s implied volatility is near cycle lows while realized volatility is higher, and traders are watching $82,813 as key support. Ethereum calls still trade at a premium to puts, although the narrowing spread points to cooling bullish sentiment rather than a broad shift into fear.