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Has Bitcoin Peaked? BlackRock BTC Spot ETF Traders Lose Appetite for Upside
Bitcoin has been trading sideways after reaching record highs above $110,000 last week.
Updated May 29, 2025, 2:11 p.m. Published May 29, 2025, 11:11 a.m.
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What to know:
- Bitcoin has been trading sideways after reaching record highs above $110,000 last week.
- Market sentiment is shifting as the put-call skew for BlackRock's bitcoin ETF options has bounced to zero, indicating reduced bullish bets.
- Traders on Deribit are showing similar caution, with short-term call options now trading at par with puts.
Bitcoin has mostly traded sideways since printing record highs above $110,000 last week.
The loss of upward momentum is now accompanied by signs waning bullish sentiment among market participants trading options tied to BlackRock's spot bitcoin exchange-traded fund (ETF).
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That's evident from the one-year put-call skew, which reflects how the market prices in volatility risk for put options, offering downside protection relative to calls, representing bullish bets. Negative values represent a bullish bias while positive values suggest fears of downside.
IBIT's one-year skew has bounced to nearly zero from the four-month low of minus 3.8 two weeks ago, according to data source Market Chameleon. In other words, IBIT options traders are no longer chasing upside via options.
Perhaps they are expecting a pullback. Similar mood is evident in Deribit-listed options where the short-term call skew has weakened, meaning calls expiring in the next two weeks are trading at par with puts, according to data source Amberdata.
Read more: Bitcoin's $95K-$105K Range in Focus as $10B BTC Options Expiry Looms
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Strategy surges 6% on MSCI decision not to exclude DATs from indexes
Shares of the Michael Saylor-led firm had been under pressure not just from weak bitcoin prices, but also the chance that the indexing giant might exclude DATs from its indexes.
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- Strategy (MSTR) shares rose 6% in after-hours trading after MSCI's decision on digital asset treasury companies.
- MSCI stated that distinguishing between investment companies and those holding digital assets requires further research.
- The current index treatment for companies with digital assets making up 50% or more of their total assets will remain unchanged.
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