Recent data shows $BTC implied volatility (IV) at 48.6% and $ETH IV at 70%, both down from last week, reflecting a moderation in expected future volatility.

In terms of skew dynamics, the 25-Delta Skew for BTC and ETH steepened sharply around December 1, with the 7D structure dropping to nearly -9 vol, signaling rising short-term hedging demand. Meanwhile, BTC's longer-dated skew steepened significantly, indicating stronger demand for medium- to long-term downside protection. In contrast, ETH’s longer-dated skew remained relatively stable, suggesting no parallel increase in demand for downside hedges.

BTC’s realized volatility (RV) has fallen to around 52%, while its volatility risk premium (VRP = IV − RV) has turned from negative to positive and is oscillating near the zero line. This indicates that implied volatility is converging toward realized volatility, with expectations for future volatility returning to a neutral range. ETH’s RV has declined to around 72%, with VRP also near zero.