Analysis: Bitcoin Market Sentiment Turns Cautious as Bullish Bets on BlackRock ETF IBIT Options Decrease

According to CoinDesk, Bitcoin entered a consolidation phase after reaching an all-time high of $110,000 in May. Market data shows that the put/call skew of BlackRock's spot Bitcoin ETF (IBIT) options has recovered from -3.8 two weeks ago to near zero, indicating a weakening expectation among traders for further increases.

Data from the derivatives platform Deribit shows that the premium advantage of short-term call options has disappeared, with the prices of call and put options expiring in the next two weeks tending to level out. At the time of writing, Bitcoin is quoted at $108,860.