Bitcoin Stalls Below Record Highs as ETF Options Signal Waning Bullish Sentiment
After surging to new all-time highs above $110,000 last week, Bitcoin has entered a period of consolidation, currently trading at $104,309.43. The recent pause in upward momentum is now being echoed in the options market, where signs suggest a cooling in investor enthusiasm.
In particular, traders in BlackRock’s spot bitcoin ETF (IBIT) are showing less appetite for further gains. This is evident in the one-year put-call skew, a measure of sentiment and risk positioning in the options market. The skew gauges the relative demand for puts—used for downside protection—versus calls, which represent bets on price increases. A negative skew indicates bullish sentiment, while a shift toward zero or positive suggests rising caution.
According to Market Chameleon data, IBIT’s one-year skew has climbed from a four-month low of -3.8 to nearly flat. This shift indicates that traders are no longer heavily favoring upside exposure through calls, potentially anticipating a price correction or at least a slower pace of gains.
A similar sentiment shift is visible on the Deribit exchange. Data from Amberdata shows a weakening in short-term call skew, meaning call options expiring in the next two weeks are now priced roughly in line with puts. This balance between bullish and bearish positioning further points to growing hesitation among traders.
While Bitcoin’s long-term trajectory remains a topic of debate, the recent flattening in price and shift in options activity suggest that, at least in the short term, bullish momentum may be taking a breather.
