Bitcoin bulls are loading up on calls while spot traders keep selling

Bitcoin’s derivatives market is becoming more bullish even as spot traders remain hesitant to push the price above $80,000. Data from Glassnode and CryptoSlate highlight a split between speculative positioning and actual spot demand.

Options market signals growing upside interest

The 25‑delta skew moved to -2.05% from +0.79%, indicating that call options are now priced higher relative to puts. This shift suggests traders are willing to pay more for potential upside, reversing a previously defensive stance.

Institutional inflows add capital support

US spot Bitcoin ETFs recorded net inflows of $681.2 million in the latest week, up from $247.8 million previously. The influx of regulated investment capital aligns with the more bullish derivatives positioning.

Spot market still dominated by sellers

Spot cumulative volume delta (CVD) improved to a negative $29.6 million, narrowing from -$84.9 million the week before. While selling pressure is easing, buyers have not yet taken control.

Perpetual futures show cautious leverage

Perpetual futures CVD remains negative at -$176 million, and long‑side funding payments have declined, indicating leveraged traders are less eager to pay a premium for bullish exposure despite high open interest of $37 billion.

What could shift the balance?

A positive turn in spot CVD combined with continued ETF inflows would signal that optimism in the options market is translating into real buying pressure. Persistent spot selling, however, could leave derivatives traders positioned for a breakout that the underlying market does not support.