BTC fell nearly 10% to $75.5K on Jan 31 and is now trading around $77.2K, roughly 39% below its all-time high. Yesterday, as price fell, the 7-day 25-delta risk reversal declined from −4 vols to −14 vols, a level not seen since April 2025, reflecting increasing demand for downside protection. Since then, the RR skew has moved higher, with puts now trading at a 7.5 vol point premium over calls.