Bitcoin Options Traders Bet on $90,000 Rebound, Analysts Point to Early Signs of Market Bottom Formation
According to data from on-chain derivatives platform Deribit, Bitcoin options traders are building positions for a rebound towards $90,000, with early signals suggesting the market may be attempting to form a bottom.
Sean Dawson, Head of Research at Deribit, noted that Bitcoin's volatility has retreated to the 50% range, a level historically associated with consolidation rather than panic selling. The 25-delta skew indicator has recovered from around -15% in late February to approximately -7%, indicating traders are shifting from aggressive defense to more balanced expectations. Bitcoin options expiring on March 27 hold the largest current open interest, with significant call option accumulation at strike prices of $80,000 and $90,000, showing that bulls are positioning for a recovery towards the $85,000 to $95,000 range over the next month. However, there remains substantial put option open interest at strike prices of $60,000 and $55,000.
Bitcoin is currently trading around $84,000, down 3.2% over the past 24 hours. U.S. spot Bitcoin ETFs previously experienced four consecutive months of net outflows but have recorded over $1 billion in net inflows in the past three days, including a net inflow of $254.4 million on Thursday. BlackRock's IBIT and Bitwise's BITB contributed $275.8 million and $69 million, respectively.
Binance Research pointed out that hedging in the options market has reached its most extreme level since the FTX collapse, and recent crypto market price movements have been highly correlated with high-beta tech stocks. Han Tan, Chief Market Analyst at Bybit, stated that the psychological resistance level of $70,000 has continued to pressure bulls this month, and Bitcoin may record its fifth consecutive monthly decline. However, fundamentals remain supportive, and once the macro environment becomes clearer, fund flows could reverse.
