Bitcoin (BTC) has been locked in a tight trading range, fluctuating between $30,000 and $31,000. While some on-chain metrics show that this ongoing sideways movement has been observed before Bitcoin’s previous bull runs, there is little to indicate that a significant shift could happen soon.
Graph showing Bitcoin’s price in July 2023 (Source: CryptoSlate BTC)
The derivatives market, particularly the options market, reveals a divided sentiment about Bitcoin’s performance. This division is evident when analyzing Bitcoin options delta skew. The delta skew for options contracts expiring one week, one month, three months, and six months from now is 0.48%, -3.8%, -5.83%, and -8.62%, respectively.
Graph showing Bitcoin’s delta skew from June 19 to July 19, 2023 (Source: Glassnode)
Delta skew, also known as the “skew” or “risk reversal,” is a measure of market sentiment often used in the options market. It measures the difference in implied volatility between out-of-the-money (
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