Quick Take
The Bitcoin (BTC) options market is currently signaling a strikingly bullish sentiment, with an unprecedented premium on calls over puts. Analysis of the 25 Delta Skew (1 week), a measure that captures the market’s perception of implied volatility, reveals an unusual tilt. This skew reflects a significant premium on calls—a remarkable -16.93%—indicating that markets are as bullish as ever on Bitcoin in the short term.
25 Delta Skew: 1 Week (Source: Glassnode)
Looking ahead to Q1 2024, the total open interest of call and put options by strike price reveals that traders are targeting $50,000, particularly around the halving period in April 2024 and amidst speculation of a potential spot ETF. This is indicative of a strong belief in Bitcoin’s continued growth.
Options Open Interest by strike price – 29th March 2024: (Source: Glassnode)
Additionally, the options market has shown a surge in volume traded over the past week. With over 60,000 Bitcoin in options contracts
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