Bitcoin and Ethereum have faced selling pressure since last Monday, yet options market data indicates traders are not rushing to hedge against further downside. Skew indicators show put options are only slightly more expensive than calls, remaining far below levels typically associated with panic buying or concentrated hedging activity. Analytics firm Laeviats characterized the current movement as a skew reversion rather than urgent demand for protection. Bitcoin’s 7-day skew sits at the 92nd percentile of its 52-week range, but downside protection remains historically cheap relative to the median. For Ethereum, call options still command a premium over puts, though the narrowing spread signals cooling bullish sentiment without a shift to fear.