CME Bitcoin Options Turn Most Bullish Since Trump Election, Backed by Rising ETF Inflows
Bitcoin (BTC) options trading on the Chicago Mercantile Exchange (CME) has reached its most bullish sentiment since Donald Trump’s Nov. 5 election, driven by heightened demand for call options and surging inflows into U.S.-listed Bitcoin ETFs.
The 30-day skew — a measure of the difference in implied volatility between call and put options — rose to 4.4%, its highest level in months, according to data from CF Benchmarks. Positive skew values indicate a bullish market sentiment, reflecting increased demand for upside exposure.
“Bitcoin options markets haven’t seen such bullish sentiment since the November election results,” said Thomas Erdösi, head of product at CF Benchmarks, in a statement to CoinDesk. “The strong demand for calls across various maturities underscores expectations for continued price appreciation.”
Bitcoin rallied 5% on Tuesday, briefly touching $106,000, as buyers held firm at the $100,000 support level. This rebound occurred despite President Trump’s inaugural speech failing to mention cryptocurrency or plans for a strategic Bitcoin reserve.
The price surge was further bolstered by ETF inflows, with U.S.-listed Bitcoin ETFs logging net inflows of $802 million, according to SoSoValue data. BlackRock’s IBIT ETF led the way with $661.8 million in new investments, reinforcing positive market sentiment.
“ETF inflows have remained robust, with Bitcoin seeing over $802 million and Ethereum adding $74 million over the past four days,” said Valentin Fournier, an analyst at BRN, in an email to CoinDesk. “This consistent institutional demand points to a supportive backdrop for further price gains.”
In addition, data from Glassnode indicates that long-term holders — wallets holding Bitcoin for over 155 days — are reducing profit-taking, suggesting greater confidence in future price appreciation.
“While volatility may ease slightly toward the end of the month, the persistent bullish skew indicates that upward price pressure is likely to continue barring unexpected macro developments,” added Erdösi.
With bullish sentiment across options markets, steady ETF inflows, and reduced selling pressure from long-term holders, analysts expect Bitcoin to remain on track for potential new all-time highs in the near future.
