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Bitcoin Call Skew Hints at Further Price Rise as Spot ETF Optimism Energizes BTC
The one-month call-put skew has risen above 10%, indicating a strongest bullish bias in 31 months.
Updated Nov 9, 2023, 7:51 a.m. Published Nov 9, 2023, 7:51 a.m.
A gauge used by options traders for predicting the direction of bitcoin [BTC] is now exhibiting the strongest bullish bias in 31 months.
Bitcoin's 25-delta one-month call-put skew, which assesses the relative price of calls versus puts expiring in four weeks, has risen above 10%, reaching the highest since April 2021, according to data tracked by Amberdata. In other words, demand for calls or bullish bets is outpacing puts, offering downside protection.
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With spot ETF optimism driving BTC above $36,800 on Thursday, investors have likely stopped selling calls above the cryptocurrency's spot price, a popular strategy to generate additional yield on top of coin holdings.
Meanwhile, speculators could be buying call options to have leveraged upside exposure. Longer duration call-put skews also show a bias for continued BTC strength over two, three, and six months.
A call option gives the purchaser the right but not the obligation to purchase the underlying asset at a predetermined price on or before a specific date. A call buyer is implicitly bullish on the market. A put option gives the right to sell.
Traders have been scrambling to buy call options for the past few weeks, leaving market makers with a significant amount of net short exposure above $36,000. With prices above the said level, market makers will likely buy the cryptocurrency to adjust their net exposure back to market-neutral, inadvertently accelerating the rally.
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