Bullish Derivatives Meet Bearish Spot Market in Bitcoin
Bitcoin's derivatives market is increasingly bullish as call options gain traction and US spot Bitcoin ETF inflows accelerate. However, the divergence between speculative positioning and actual spot demand remains a concern.
Data from CryptoSlate shows that on Tuesday, Bitcoin traded around $78,800 after failing to sustain its latest move above $80,000. This indicates that while some investors are betting on further gains, others remain hesitant to chase another breakout.
The options market has seen a significant shift in favor of call options, with the 25-delta skew swinging to -2.05% from +0.79%. Under Glassnode's methodology, this signals greater demand for upside exposure and marks a reversal from more defensive positioning previously seen.
Meanwhile, institutional flows are also moving in the same direction, with US spot Bitcoin ETFs attracting $681.2 million in net inflows over the latest weekly observation, up from $247.8 million previously.