Protective Puts on BlackRock’s Spot Bitcoin ETF Are Now More Expensive Than Bullish Calls

IBIT Slides 1.32% to $59.99 as Options Market Sentiment Turns Cautiously Bearish on BlackRock’s Spot Bitcoin ETF

On Thursday, IBIT experienced a 1.32% decline, closing at $59.99, as sentiment in the options market tied to BlackRock’s spot Bitcoin ETF shifted toward a slightly bearish stance by day’s end.

Early in the session, the outlook appeared bullish to neutral, but data from Market Chameleon revealed the one-year put-call skew creeping up to 0.2%. This indicates put options—used to hedge against downside—were trading at a modest premium over bullish calls, reflecting increasing investor caution.

Despite the price drop, IBIT attracted a net inflow of $125 million, though this was the smallest daily inflow since May 13, according to SoSoValue. The slower inflow aligns with the growing wariness among market participants.