Bitcoin Options Market Shifts to Neutral Amid Inflation Concerns

The long-term bullish sentiment for bitcoin (BTC) is shifting towards neutrality, as indicated by the 180-day skew measuring implied volatility of options. Key points include:

The skew recently retreated to zero, signaling a change in market sentiment, according to data from Amberdata.
Analysts warn of a potential bear market in 2026, reminiscent of conditions before previous downturns.
Griffin Ardern from BloFin noted that the options market now reflects skepticism about BTC establishing a long-term uptrend.
A neutral shift in skew may be influenced by structured products selling higher strike call options to enhance yield.
BTC dropped over 4% last week amid rising inflation fears and disappointing payroll data.
Short-term skews have fallen below zero, indicating increased demand for puts as traders seek downside protection.
JPMorgan forecasts inflation to rise in the latter half of the year, primarily due to tariffs, complicating potential rate cuts.

The upcoming ISM non-manufacturing PMI and CPI/PPI releases will provide further insights into inflation trends.