The options market is painting an interesting picture right now. That 25 Delta Skew? Still firmly tilted toward puts. We're looking at roughly 10% compression across different contract tenors—pretty tight territory. Here's what's catching attention: even as implied volatility keeps sliding down, put options aren't following the same price trajectory as calls. They're holding premium. What does that tell you? There's real money behind downside hedging. Investors aren't just sitting on the sidelines; they're actively paying up to protect themselves against potential drops. That kind of structural demand for protection doesn't appear out of nowhere.