Options desks flashed a subtle shift. ETH one-week skew briefly turned upside down yesterday, with calls rich to puts for first time in weeks. That does not mean euphoria, it means hedgers paid more for upside tail after spot held near $1,917 despite macro drag.

Bitcoin stayed anchor. Near $66k, up 2.8% on week, best since June 16, per market data. BTC rose as high as $66,900 on Tuesday, then cooled as chip shares wobbled. The link with AI trade stayed live, yet BTC held better than many high beta tech names, a clue that spot ETF bid near $727M over five days gave floor.

What to read from skew? When short-dated call skew flips while open interest rises, it often leads spot by 24-48 hours. But if spot fails to follow, it fades fast and rolls into long put hedge.

Setup: for active traders, hold core long above $65k, add on push over $66,900 with volume. For ETH, $1,950-$2,000 is next wall; break with call skew staying bid could open $2,120. Lose $1,850 and skew will snap back, risk off. Keep risk defined, size small into Fed.

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