Bitcoin options traders bet $90,000 on a rebound, analysts point to early signs of a market bottom forming.

Data from on-chain derivatives platform Derive shows that Bitcoin options traders are building positions for a rebound to $90,000, early signs that the market may be attempting to bottom out. Sean Dawson, Head of Research at Derive, points out that Bitcoin volatility has fallen back to the 50% range, a level historically associated with consolidation rather than panic selling. The 25-delta skew indicator has rebounded from around -15% in late February to around -7%, suggesting traders are shifting from aggressive defensiveness to a more balanced outlook. Bitcoin options expiring on March 27th currently hold the largest open interest, with significant accumulation of call options at strike prices of $80,000 and $90,000, indicating bulls are positioning for a recovery towards the $85,000 to $95,000 range over the next month. However, there is still significant open interest in put options at strike prices of $60,000 and $55,000. Bitcoin is currently priced at around $84,000, down 3.2% in the past 24 hours. US spot Bitcoin ETFs, which had seen net outflows for four consecutive months, have recorded net inflows exceeding $1 billion in the past three days, including a $254.4 million net inflow on Thursday. BlackRock's IBIT and Bitwise's BITB contributed $275.8 million and $69 million respectively. Binance Research points out that hedging in the options market has reached its most extreme level since the FTX crash, and recent price movements in the crypto market are highly correlated with high-beta tech stocks. Bybit's Chief Market Analyst, Han Tan, stated that the psychological level of $70,000 has continued to suppress bullish sentiment this month, and Bitcoin may record its fifth consecutive month of decline. However, fundamentals remain supportive, and once the macroeconomic environment becomes clearer, fund flows may reverse.