Deribit Exchange Data Shows Bitcoin Sentiment Shifting to Neutral as Bullish Momentum Fades
Bitcoin's long-term trajectory faces uncertainty as market indicators point to shifting sentiment. The 180-day options skew on Deribit has flattened to zero, indicating a lack of directional conviction among traders. Griffin Ardern of BloFin observes this mirrors early 2022 conditions, when the market turned neutral before entering a prolonged bear cycle.
Investor strategies appear to be adjusting, with the options market's call-put imbalance losing its bullish bias. The erosion of long-dated premium suggests institutional players are hedging against macroeconomic risks rather than positioning for upside. January's Optimism has transitioned to a wait-and-see approach.
Deribit's data reveals a notable parallel to previous market inflection points. When the 180-day skew loses its positive bias, it often precedes extended consolidation periods. The crypto market's sensitivity to Fed policy and equity correlations now outweighs organic demand drivers.