IBIT just showed put skew for the first time. Bitcoin products almost always carry call skew because of their tendency to rip higher in short bursts, so when the downside starts pricing richer than the upside, that is a fear signal worth paying attention to. Bitcoin is sitting at $60K with 52% IV, and the question is whether options are underpricing one of its biggest inflection points in years. Mike Butler and Jermal Chandler walk the math: a risk reversal in August that sells the 30 put, buys the 38 call, picks up a 20 cent credit with no risk in the middle. Breakeven is around 55K Bitcoin. Plus why going further out in time gets you past the noise, why someone exercised an IBIT put with $200 of extrinsic left, and how the skew flips back to calls by December. 📊 tastylive: tastylive.com 📰 Get Tom's pre-market analysis every morning: tastylive.com/newsletters 📘 FREE Options Strategy Guide: tinyurl.com/bp9ms763 📱 Follow tastylive on X: x.c...