Deribit Exchange Sees Bullish Sentiment Fade in Bitcoin’s Long-Term Options Amid Price Stagnation

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 have flattened to near zero, signaling a rare equilibrium between bullish calls and protective puts. Historically, long-term options have favored calls—a pattern now disrupted by the market's sideways grind.

"This could easily turn negative if Bitcoin continues to see only downside 'risk-off' volatility," warns Greg Magadini of Amberdata. Institutional flows—selling calls while buying protective puts—may further pressure risk reversals into bearish territory. Despite consistent purchases by entities like MicroStrategy, spot demand for BTC continues to wane as blockchain data reveals profit-taking by long-term holders.

Attention now shifts to next week's U.S. CPI data, with traders recalibrating Fed rate-cut expectations after Friday's unexpectedly strong jobs report. The market's lethargy stands in stark contrast to the structural flows reshaping derivatives positioning.