Deribit Exchange Sees Neutral Bias in Bitcoin’s Long-Term Options as Price Stalls

Bitcoin's price has remained stagnant above $100,000 for over 50 days, draining Optimism from long-term options traders. Risk reversals for Deribit-listed June 2025 options hover near zero, signaling a rare equilibrium between bullish calls and protective puts. Historically, long-term risk reversals have favored calls, but the current standstill has neutralized that bias.

Greg Magadini of Amberdata warns the metric could turn negative if downside volatility persists. Institutional flows, including MicroStrategy's consistent purchases, are failing to counter weakening spot demand. Blockchain data reveals long-term holders are taking profits amid the price inertia.

Market participants now await next week's U.S. CPI data, with Fed rate cut expectations dampened after Friday's strong jobs report. The options market's muted reaction reflects growing uncertainty about Bitcoin's near-term trajectory.