Key points

• Bitcoin traded around $82,998 and ether around $2,664 after the uptrend stalled last Monday, according to CoinDesk.
• Laevitas said bitcoin's seven-day skew moved 1.98 volatility points week on week to -0.45, versus a 52-week median of -4.41.
• 10x Research said put demand had jumped in recent days and asked whether it was a short-term hedge or a regime shift.
• Bitcoin implied volatility is near cycle lows while realised volatility runs about 12 points higher, 10x Research said.
• US spot solana ETFs took in a record $188 million last week, with Bitwise's BSOL capturing about two-thirds.

Bitcoin traders are not yet panicking despite cooling crypto sentiment, CoinDesk reports, after the market's uptrend hit a wall last Monday. Bitcoin changed hands near $82,998 and ether near $2,664 as prices came under pressure. The usual follow-up question is whether traders are rushing to buy crash insurance, and the options market suggests they are not.

The evidence comes from skew, a metric tracking the spread between what traders pay for downside puts and upside calls. A sudden put bid would make puts much more expensive than calls, and that has not happened so far. Calls are no longer in demand as they were a week ago, which CoinDesk says signals that bullish sentiment has cooled.

Analytics firm Laevitas described the move as skew reversion rather than a put bid. It said the 1.98 volatility point week-on-week move in bitcoin's seven-day skew to -0.45 sits at the 92nd percentile of its 52-week range, against a median of -4.41. In plain terms, puts are relatively pricier than calls, but the richness is barely noticeable next to the typical reading of the past year.

Options skew stays calm

CoinDesk's takeaway is that bitcoin traders are chasing puts without yet positioning for a crash or deep sell-off. For ether, calls remain more expensive than puts, but the premium has narrowed from a week ago, again pointing to softer bullish sentiment.

10x Research also noted an uptick in put demand and asked whether it was a short-term hedge or the start of a regime shift. On bitcoin, it still saw cheap options rather than panic pricing, noting implied volatility is back near cycle lows while realised volatility runs 12 points higher, with some options priced at 30 volatility against a market moving at 42.

The article also points to a chart showing bitcoin's daily price swings. Prices have pulled back below $83,000, revisiting the May high of $82,813, a level once treated as resistance. Bitcoin rose through it on Sept. 21, flipping it into support, and that level is now being tested again.

Puts rise without panic

Broader market items in the same round-up include a record $188 million week for US spot solana ETFs, with Bitwise's BSOL taking about two-thirds of inflows. CoinDesk also noted weak demand for leveraged exposure, with futures open interest sliding and remaining capital skewed bearish.

Read the full article on CoinDesk →