Bitcoin’s Momentum Stalls as ETF Options Traders Step Back from the Bull Case
After soaring past $110,000 for the first time last week, Bitcoin has entered a cooling phase, now hovering around $104,309.43. The crypto’s rally has slowed—and so has trader enthusiasm, particularly among those speculating through BlackRock’s spot bitcoin ETF (IBIT).
The slowdown in momentum is reflected in the behavior of options traders. Data from Market Chameleon shows that the one-year put-call skew on IBIT options has climbed back toward neutral territory after hitting a notably bullish low of -3.8 earlier this month. That means traders are no longer aggressively buying calls—bets on upside—but are increasingly positioning for balance or even protection against downside moves.
This shift in sentiment isn’t isolated. On Deribit, a leading crypto derivatives exchange, the short-term call skew has softened, according to Amberdata. Calls set to expire within the next two weeks are now priced nearly the same as puts, suggesting that traders are hedging their bets or bracing for a potential pullback.
In short, while Bitcoin remains near historic highs, the derivatives market is flashing signals that traders are cooling on the bullish outlook—at least for now. Whether this proves to be a healthy pause or the start of a broader retracement remains to be seen.
