Bitcoin Investors Paying Premiums for Short-Term Upside Exposure

The recent breakout in Bitcoin has led to a strengthening of short-term bullish sentiment among investors. According to data from Glassnode, the 25-delta skew in Bitcoin options has dropped to its lowest level of the year across all maturities and turned negative for 1-week and 1-month expirations.

This indicates that investors are paying higher premiums for short-term bullish exposure, with call options becoming more expensive compared to puts. The 25-delta skew measures the relative price of bullish call options and bearish protective put options for the same maturity.

The most dramatic shift has occurred in short-term contracts, with the 1-week skew falling to approximately minus 10% and the 1-month measurement dropping below zero. Although longer-term maturities remain in positive territory, they have hit their lowest levels of the year.