Bitcoin's 1M 25 Delta Skew Drops to -6.1% as Call Options Surge 55%

Bitcoin has been experiencing a period of consolidation, trading within a narrow range without a clear upward momentum. Despite this, the overall sentiment remains bullish, with strong demand from both retail traders and large holders, known as whales.

One key indicator of this bullish sentiment is the surge in call options. According to Glassnode, Bitcoin’s 1M 25 Delta Skew has dropped to -6.1%, indicating that call options now carry higher implied volatility than puts. This imbalance, with 205,447.56 BTC allocated to call options compared to 131,697 BTC for puts, reflects a strong upward conviction among market participants. Traders are willing to pay a premium for upside exposure, positioning for a rally rather than hedging risk. This structure sends a risk-on signal, supporting bullish continuation.

The demand for Bitcoin is also evident among large holders. Whale Exchange Balance Change hit -49.7K BTC over the last 30 days, while large whales (1K–10K BTC) showed a -26K balance shift. This indicates that whales are not sending coins to exchanges—they’re holding tight. Additionally, Bitcoin’s Large Holders Netflow to Exchange Netflow Ratio has dropped from 6.93% to 0.08% over the last 30 days, further confirming reduced exchange inflow from whales as they are selling less while they are accumulating more.

With call options dominating the market, it suggests that investors are bullish and expect prices to rise even further. Traders are not only confident in BTC but are also aggressively betting on it. If trends hold, BTC could break out of consolidation and reach $107,225. However, if short-term holders take profits, it may retrace to around $101,530.