Deribit Exchange Data Shows Bitcoin’s Long-Term Bullish Sentiment Waning as Inflation Worries Grow

Bitcoin's previously steadfast long-term bullish sentiment is weakening in the derivatives market. The 180-day skew—a crucial indicator of market sentiment that measures the price difference between call and put options—has dropped to neutral levels on Deribit, reflecting declining Optimism among traders.

This change resembles patterns observed at the beginning of past bear markets, with BloFin's Griffin Ardern pointing to concerning similarities with January-February 2022. "The options market now sees reduced potential for BTC to maintain sustained upward momentum," Ardern noted, emphasizing the fading demand for long-dated calls.

The shift occurs as analysts caution about possible bear market conditions by 2026. Put options, which act as downside protection, are now on par with calls—a significant departure from earlier this year when bullish bets prevailed.