Bitcoin Options Market Indicates Increased Bullish Sentiment Among Traders

Bitcoin has managed to remain above $100,000, though recent price action shows some momentum issues. Key points include:

Current price is approximately $102,800, reflecting a decline of over 1% in the last 24 hours.
Sluggish market performance attributed to significant selling pressure in the derivatives market.
On-chain data indicates potential for further price growth.

Options Market Data Shows Shift In Trader Sentiment

Glassnode reports increased bullish sentiment among Bitcoin options traders.
The 1-month 25 Delta Skew metric has dropped to around -6.1%, indicating higher implied volatility for call options compared to puts.
This trend suggests traders are leaning towards betting on BTC's price increase.
A negative 25 Delta Skew historically precedes further appreciation of Bitcoin's price.
Increased bullish sentiment reflects a risk-on environment, encouraging more long positions in the market.

Overall, while Bitcoin faces short-term pressures, options market trends indicate potential for upward movement.