$BTC back to neutral funding, but short-term tone is cautious. 1W carry inverted again and skew sharply negative at -10%, showing renewed demand for downside protection. Realized vol remains elevated, while IV is sitting below realized on the front — panic hedging isn’t extreme, but stress is present. Back end still in healthy contango.
$ETH looks heavier. Funding slightly negative, front-end realized vol very high at 104%, and skew strongly bid for puts. IV is lagging realized on the short end, meaning recent moves have been aggressive. Longer tenors remain relatively stable.
Bottom line: Short-term defensive positioning is back, especially in ETH. Structure not broken, but near-term risk premium rebuilding again. Market still in choppy digestion phase, not clean trend mode yet.