Definition. IBIT 25 Delta Skew Normalized (1 Week) is the spread between the implied volatility of a 25-delta put and a 25-delta call on the IBIT ETF, normalized by at-the-money implied volatility. The series covers option contracts expiring one week from the print date.

Interpretation. Positive readings price puts richer than matching-delta calls, indicating downside-skewed positioning, negative readings price calls richer than matching-delta puts.