Crypto stabilised last week but the vol surface tells a different story vs equities. BTC/ETH put skew is still near 1-year highs with 30-day in 86th/91st percentiles even as spot consolidates.

This is even more evident in risk-reversals which show hedging demand hasn't come off the way it has in stocks. The breakdown in correlation continues to be notable, and any year-end bid will come with a flattening of this extreme skew; driven by put sales and call buying.