Derivatives Market Shifts Towards Bullish Sentiment as Spot Traders Remain Cautious
Bitcoin's derivatives market is shifting towards bullish sentiment, but spot traders remain hesitant to chase another move above $80,000. According to Glassnode's Market Pulse, demand for call options has increased, while US spot Bitcoin ETF inflows accelerated.
The 25-delta skew in the options market swung from +0.79% to -2.05%, indicating that calls have become relatively more expensive than puts. This suggests that traders are increasingly willing to pay for the possibility of another advance, marking a reversal from previous defensive positioning.
Meanwhile, institutional flows are moving in the same direction, with $681.2 million in net inflows into US spot Bitcoin ETFs over the latest weekly observation. However, this has not yet translated into clear buying pressure on crypto exchanges, where selling pressure is still dominating executed spot flow.