BlackRock’s BTC ETF Fails to Temper IBIT Bearishness Over Consecutive Months

BlackRock’s IBIT ETF Shows Two Months of Bearish Bias Amid Price Stagnation

BlackRock’s Nasdaq-listed spot Bitcoin ETF, IBIT, has been signaling sustained bearish sentiment for the past two months, according to market data.

The ETF’s one-year put-call skew, a measure of market pessimism, turned positive on July 25 and has remained above zero since, reflecting a persistent preference among traders for protective puts over bullish calls. This indicates a cautious or risk-averse outlook in the market, even as Bitcoin trades around $113,600.

A similar put bias was observed from March 8 to April 21 earlier this year, a period marked by sharp declines in both IBIT and Bitcoin amid broader market uncertainties.

Price Momentum Falters

IBIT’s price trend has stalled since July, repeatedly failing to climb past the $70 level. Most recently, the ETF formed a “lower high” at $66, signaling weakening buying pressure and increasing influence from sellers. Analysts note that such patterns often point to potential downtrends or continued bearish momentum.

Investors are closely monitoring IBIT for signs of renewed upward momentum, while the prevailing sentiment remains cautious.