Bitcoin Options Traders Flip to Bullish After 12 Months of Caution
After twelve months of caution, Bitcoin options traders have flipped to bullish. Since August 20, they're willing to pay more for call options that bet on a rise in price than for put options used as protection against a decline.
This shift marks the end of a year-long period of caution in this market segment. The 25-delta skew, an indicator comparing the price of calls and puts with comparable market exposure, turned positive on August 20. Now, traders are accepting higher premiums for call options rather than put options.
Open positions confirm this reading, with call options representing 61.39% of open interest recorded versus 38.61% for put options. In twenty-four-hour trading, 18,892.23 BTC of call options were traded compared to 12,497.93 BTC of put options.
The futures market also shows renewed optimism, with its open interest reaching $52.64 billion after a 2.33% increase over twenty-four hours. Binance holds the largest share, valued at $11.11 billion or 21.1% of the total.