Crypto
Derivatives Market Turns Bullish as Spot Traders Remain Hesitant
The derivatives market is showing signs of bullishness towards Bitcoin, but spot traders remain hesitant to buy. According to Glassnode's Market Pulse, demand for call options has increased while US spot Bitcoin ETF inflows accelerated.
Options traders are paying more for upside exposure, with the 25-delta skew swinging to -2.05% from +0.79%. This indicates that calls have become relatively more expensive than puts, signaling greater demand for upside exposure.
The increase in US spot Bitcoin ETF inflows provides real capital behind the more constructive derivatives positioning, but it has not yet translated into clear buying pressure on crypto exchanges.