Bitcoin options traders bet on upside as spot selling eases
In brief
- Bitcoin's 25-delta options skew swung to -2.05%, indicating calls richer than puts
- US spot Bitcoin ETF inflows surged to $681.2 million, nearly tripling week-over-week
- Spot selling pressure eased but remained negative at -$29.6 million
- Bitcoin traded around $78,800 after failing to hold above $80,000
- Perpetual funding and open interest remain elevated, signaling persistent leveraged positioning
Options market turns bullish
Bitcoin's 25-delta skew swung to -2.05% from +0.79%, marking the clearest shift in the options market. The move signals calls have become relatively more expensive than puts, a reversal from the defensive positioning seen earlier. Traders betting on upside moves are willing to pay a premium.
This skew reversal doesn't happen by accident. It reflects conviction among options traders that Bitcoin has room to run higher. Yet the broader market context complicates the picture.
Spot selling persists despite ETF strength
US spot Bitcoin ETFs attracted $681.2 million in net inflows over the latest weekly observation, nearly tripling the prior week's $247.8 million. That's institutional money moving in.
On the other hand, aggressive selling still outweighed buying on centralized exchanges, leaving the market without broad participation. Glassnode's spot cumulative volume delta improved sharply but remained negative at $29.6 million, down from the previous week's -$84.9 million. Selling pressure is easing, but buyers haven't yet taken over.
Price pressure and leverage
Bitcoin traded around $78,800 on Tuesday after failing to sustain its latest move above $80,000. The inability to hold that level underscores the fragmentation Glassnode flagged.
Perpetual CVD remained negative at -$176, while long-side funding payments declined, suggesting leveraged longs are unwinding. Yet futures open interest remains elevated at $37 billion, indicating positioning hasn't collapsed entirely.
The picture is one of competing forces: options traders betting on rallies, ETF buyers stepping in, yet spot sellers and unwinding leverage keeping a lid on price.
