Momentum Fades: BlackRock’s Spot BTC ETF Sees Decline in Bullish Bets

Bitcoin Stalls Below Highs as ETF Options Traders Turn Cautious

Bitcoin is taking a breather after last week’s record-breaking rally above $110,000, with prices now hovering around $104,309.43. As the momentum fades, investor sentiment is also showing signs of cooling—particularly in the options market linked to BlackRock’s spot bitcoin ETF (IBIT).

Data from Market Chameleon shows that IBIT’s one-year put-call skew has climbed back to near zero after hitting a four-month low of -3.8, indicating that traders are no longer heavily leaning toward bullish call options. The shift suggests a more neutral stance, with some participants possibly preparing for a pullback or a period of consolidation.

A similar trend is playing out on Deribit, where Amberdata reports a weakening in short-term call skew. Options expiring within two weeks are now priced roughly equally for calls and puts, signaling reduced conviction in further near-term gains.

Together, the data points to a more cautious tone among derivatives traders, even as Bitcoin holds at elevated levels. Market participants appear to be reassessing upside potential amid uncertainty over the next major move.