Bitcoin price has been trending around $37,000 since it last broke out of the funk of the market crash. Since then, the digital asset has continued to record low momentum but bears and bulls look to remain in a tie for who will eventually move the price in their favor. While all of this is going on, bitcoin options traders have shown a clear picture of their hand, and by extension, their sentiment, as the market struggles. Bitcoin Options Traders Are Wary Since bitcoin options traders bet on the price of the digital asset, they have to play to volatility. Hence, when volatility is high, the traders are subject to more expensive options. Such is the nature of the game. However, at current market trends, options traders have not shown much faith in the market, indicating that the majority of these traders maintain bearish sentiment around BTC. Related Reading | Bitcoin Inflows Suggest Institutional Investors Are Moving Back Into The Market Bitcoin’s volatility skew is the highest it has been since May 2021, more than seven months ago. It is the difference in the prices of both put and call options and how expensive each one is for options traders. BTC’s call options have a tendency to be higher than put options but this is not always so. When this happens, the asset is more in a negative volatility skew. Implied volatile down | Source: Arcane Research Presently, as the volatility skew has risen to a seven-month high, t...
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