Bitcoin’s 6-Month ‘Put-Call Skew’ Flips Bearish for First Time Since May
Participants may be hedging long positions or taking outright bearish bets on bitcoin.

Bitcoin’s six-month put-call skew, which measures the cost of puts – or bearish bets – relative to calls (bullish bets), has turned positive for the first time since the crash in May, indicating heightened concerns of an extended downside move.
- “People appear to be bidding for downside protection [put options],” Switzerland-based data tracking platform Laevitas said. “However, we haven’t seen significant volumes yet.”
- The six-month skew’s bearish turn does not necessarily imply a prolonged downtrend. With the six-month implied volatility hovering near its lifetime average of 84%, the longer duration put options appear cheap. So, traders could be buying those in a bid to make outsized gains on a potential sell-off.
bought some stupid 30K FEB and MAR puts as an insurance. don't know why. why not ?
— GrossBit, the Golden Blob (@gross_bit) November 30, 2021
- The one-week, one- and three-month put-call skews flipped bearish earlier this month.
- “We have seen demand for puts via risk reversals and outrights in the last week for both bitcoin and ether,” Patrick Chu, director of institutional sales and trading at the over-the-counter crypto trading firm Paradigm, told CoinDesk in a Telegram chat.
- “Demand for puts was particularly strong at the $50,000 strike [price] over the last week, with more than 2000 contracts exchanging hands,” Chu said.
- According tohttps://members.delphidigital.io/reports-tags/markets-macro/ Delphi Digital, pricier put options indicate participants are hedging long positions in the spot market or speculating on deeper drawdown.
- Bitcoin fell more than 2% early today, hitting lows under $56,000 on concern over the spread of a new coronavirus variant. The cryptocurrency was last trading near $57,100, according to CoinDesk data.
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Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.