Signs of a Bitcoin Plateau Emerge as BlackRock Spot ETF Demand for Upside Drops

Bitcoin Consolidates Below Highs as Options Market Reflects Diminished Bullish Conviction

Bitcoin’s price action has flattened following its recent surge past $110,000, with the asset now trading around $104,309.43. This consolidation phase is being mirrored in the derivatives market, where positioning in BlackRock’s spot bitcoin ETF (IBIT) options suggests a marked decline in bullish sentiment.

Market Chameleon data indicates that the one-year put-call skew for IBIT has recovered to near zero after reaching a deeply negative level of -3.8 two weeks prior. A rising skew implies growing demand for put options or reduced interest in upside exposure, signaling that traders are reassessing near-term risk-reward dynamics.

This recalibration extends to the broader crypto options space. On Deribit, the leading platform for crypto options, Amberdata reports a softening in the short-term call skew. Options expiring within the next two weeks are now priced more neutrally, with calls and puts trading at comparable levels. This suggests a lack of directional conviction in the immediate term.

The shift in skew metrics may reflect expectations of a technical pullback or simply the normalization of volatility after a historic price move. In either case, options markets are signaling that speculative appetite for additional near-term upside is waning.