Ethereum options show downside skew as puts trade higher than calls

Short-dated ETH puts are carrying a volatility premium over calls as traders pay up for near-term protection Ethereum traders are buying insurance, and they are paying a premium for it. On October 19, 2026, ETH options markets showed a clear downside skew. Short-dated puts traded at a meaningful premium to calls, which signals that traders are more worried about a drop than excited about a rally. ETH has slipped roughly 8% over the past month while Bitcoin quietly held its ground, gaining 1.5% over the same stretch. Data from Block Scholes showed seven-day ETH puts trading at an implied volatility premium of up to 8 percentage points over calls. The 1-week 25-delta skew for ETH stood at +7.4 vol points, sitting at the 11th percentile.

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