Bitcoin's options market has turned bullish and US spot ETF inflows accelerated, even as the coin failed to hold above $80,000. Exchange sellers still outweigh spot buyers, leaving the rally's next move dependent on whether direct buying catches up with the optimism priced into derivatives.
Bitcoin's derivatives market is turning more bullish even as spot traders stay reluctant to chase another move above $80,000. Data from CryptoSlate showed Bitcoin traded around $78,800 on Tuesday after failing to sustain its latest push above $80,000.
Glassnode's latest Market Pulse showed demand shifting toward call options while US spot Bitcoin ETF inflows accelerated. Yet aggressive selling still outweighed buying on centralized exchanges, leaving the market without the broad participation that would make another breakout more convincing.
Options traders start paying for upside
The clearest change came in Bitcoin's options market, where the 25-delta skew swung to -2.05% from +0.79%. Under Glassnode's methodology, the move means calls have become relatively more expensive than puts, signaling greater demand for upside exposure.
This marks a reversal from the more defensive positioning seen previously and suggests traders are increasingly willing to pay for the possibility of another advance. Meanwhile, institutional flows are moving in the same direction: US spot Bitcoin ETFs attracted $681.2 million in net inflows over the latest weekly observation, up from $247.8 million previously.
The increase provides real capital behind the more constructive derivatives positioning. But it has not yet translated into clear buying pressure on crypto exchanges.
Spot buyers still haven't taken control
Glassnode's spot cumulative volume delta improved sharply, but remained negative at $29.6 million, narrowing from the previous week's -$84.9 million. CVD tracks the balance between aggressive market buying and selling, so a negative reading means sellers are still dominating executed spot flow even as the imbalance narrows.
The perpetual futures market shows similar hesitation. Perpetual CVD remained negative at -$176, while long-side funding payments declined, suggesting leveraged traders are becoming less willing to pay a premium for bullish exposure. That restraint stands out because futures open interest remains elevated at $37 billion, meaning traders have not abandoned leverage even as aggressive long positioning stays absent.
ETF investors are allocating more capital, options traders are paying relatively more for upside, and exchange sellers are becoming less aggressive. Still, none of those developments alone establishes that Bitcoin has the demand needed to hold above $80,000.
The next meaningful change would come from spot flow. If CVD turns positive while ETF inflows remain strong, Bitcoin would have evidence that the optimism visible in options is spreading into direct buying.
Source: CryptoSlate
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