What Is the Concept of “Volatility Skew” in Options Markets?

Volatility Skew is the phenomenon where options with the same expiration date but different strike prices have different implied volatilities. For equity and crypto markets, a "skew" often exists where out-of-the-money put options have higher IVs than at-the-money or in-the-money calls, reflecting the market's demand for downside protection (fear of a crash).