BTC and ETH options markets in 2025 exhibit persistent right skew, with calls pricing richer than equidistant puts. Skew-based trades focus on ratio spreads (1×2 call spreads), risk reversals (short put, long call), and calendar skew overlays (buy near-term OTM put, sell longer-dated deeper OTM put). Institutions exploit skew steepening by buying convexity on downside tails ahead of macro catalysts. Dynamic delta-hedging and vega-neutral exposure are critical. Skew deviation beyond 1.5σ from historical mean often signals market makers’ directional bias. Strategies are increasingly executed via block-trade RFQs or on Paradigm to avoid slippage and slippage-leakage arbitrage by HFTs.