PANews January 23 News, according to Glassnode analysis, during Bitcoin’s rally in mid-January, the 25D skew over one week was pulled from a deeply bearish zone toward neutral. During the same period, the put/call volume ratio dropped from 1 to 0.4, indicating strong bullish activity. The key issue is not whether bullish options are being bought, but how short the actual duration of this demand is. Longer-term skews show different situations: the one-month 25D skew only moved from a 7% low to 4%, still in a bearish asymmetrical zone; the three-month 25D skew changed by less than 1.5% and remained firmly in the bearish region. Despite recent strong demand for bullish options, this still reflects asymmetric downside risk. This divergence indicates that upward demand is genuine but concentrated in the short term. Trading volume exists, but risks have not been re-priced across all maturities.
Meanwhile, at-the-money implied volatility was sold during the price increase, with gamma sellers taking profits during the rally. This volatility behavior is not characteristic of a sustainable breakout. An ideal breakout requires the spot price to approach key levels, skew across all maturities to firmly point higher, and volatility to be bought. Last week’s movements did not meet these conditions.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Drops Below $75K, Trading at $74,992 with 1.63% 24-Hour Decline
Gate News message, April 21 — Bitcoin (BTC) fell below the $75,000 mark, currently trading at $74,992.3 with a 24-hour decline of 1.63%.
GateNews3m ago
USDT supply hits fresh $188b ATH as Tether tightens grip on stablecoins
Tether CEO Paolo Ardoino says USDT supply has hit a record $188b, cementing the stablecoin's dominance as broader stablecoin liquidity sits near all-time highs.
Summary
Tether CEO Paolo Ardoino says USDT supply has reached a record $188 billion.
The new peak comes weeks after stablecoins hit a
Cryptonews3h ago
Grayscale Research Head: Bitcoin Rally Above $76K Could Signal Start of Bull Market Phase One
Grayscale research head Zach Pandl analyzes Bitcoin's rebound from a February low, using the realized price metric to show recent buyers at breakeven and hint at an early bull phase, with a reported bottom around $65k-$70k.
Grayscale’s Pandl: Bitcoin hit ~63k in Feb, rose to ~76k; realized price ~74k shows recent buyers breakeven, hinting at early bull phase and a bottom around 65-70k.
GateNews3h ago
Scammers Impersonating Iranian Officials Demand Bitcoin and USDT from Ships in Strait of Hormuz
Gate News message, April 21 — Scammers posing as Iranian officials are demanding Bitcoin (BTC) and Tether (USDT) as transit fees from ships in the Strait of Hormuz, according to a warning from MARISKS, a Greece-based maritime risk management firm. The scheme falsely promises "safe transit
GateNews3h ago
Bitcoin, Ethereum and Solana ETFs Record Positive Net Inflows on April 21
Gate News message, according to the April 21 update, Bitcoin ETFs recorded a 1-day net inflow of 3,599 BTC (approximately $272.59 million) and a 7-day net inflow of 18,914 BTC (approximately $1.43 billion). Ethereum ETFs showed a 1-day net inflow of 34,380 ETH (approximately $79.25 million) and a 7-
GateNews3h ago
Fidelity and Capital Group Become Strive's Two Largest Shareholders
Gate News message, April 21 — Fidelity and Capital Group have become the two largest shareholders of Strive, a Bitcoin treasury company, according to CEO Cole Macro. The two firms collectively hold ASST shares valued at approximately $152.8 million, as confirmed by the company's latest
GateNews4h ago
