Analyst: Bitcoin is trading sideways, and IBIT and Deribit options markets show signs of expected pullback

Odaily Planet Daily News CoinDesk analyst Omkar Godbole wrote, "Bitcoin (BTC) has been moving basically sideways since it hit an all-time high of more than $110,000 last week. The weakening of the upward momentum is accompanied by signs that market participants' bullish sentiment on options related to the BlackRock Spot Bitcoin ETF (IBIT) is gradually weakening. This trend can be clearly seen from the one-year put-call option skew. The indicator reflects the market's pricing of volatility risk for put options (used for downside protection) relative to call options (representing bullish bets). A negative value for this indicator usually means that the market is bullish, while a positive value indicates that the market is worried about downside risks. IBIT's one-year option skewness has rebounded to near zero from a four-month low of -3.8 two weeks ago. This means that IBIT option traders are no longer actively betting on further increases through options. Perhaps they expect the market to pull back. Similar sentiments are also seen in the options market on the Deribit platform, according to Amberdata According to data from the CoinDesk website, short-term call options have weakened in skewness, meaning that the prices of call and put options expiring in the next two weeks are converging. " (CoinDesk)