With VXX at 23, the March 27 call and the March 21 put are about the same price. This suggests 27 and 21 are equally likely to happen by March. Not my VXX bearish view, but apparently the market views it this way.
i think it could be because vxx will fall slowly and steadily in low vix environment, and can have very big spike meanwhile, if vix spikes to, say, 20.
longs are expecting spike
shorts are expecting slow decline
the price skews that way because lots of folks are still skeptical that we are in a new volatility regime . . . the pricing lines up with $VIX put options pretty well, where OTM puts for the near months are selling for more than OTM puts for out months