In a striking development for cryptocurrency traders, a recent report by Bybit, the world’s second-largest cryptocurrency exchange by trading volume, and Block Scholes reveals a significant shift in the Bitcoin options market. Following Bitcoin’s surge to a new all-time high (ATH) on July 9, 2025, the market sentiment has flipped dramatically, as evidenced by the put-call skew reversal.
Before the price surge, the put-call skew showed a 2% premium favoring downside protection, indicating a cautious approach among traders. However, post-ATH, this metric flipped to a 5% premium on upside calls, suggesting that traders are now increasingly betting on further price appreciation for Bitcoin, despite its already substantial gains.
The report highlights that this shift in sentiment comes on the heels of Bitcoin reaching a staggering $118K, surpassing its previous high recorded on May 22, 2025. This bullish momentum appears to be fueled by various market dynamics, including positive funding rates and strong call skew, as detailed in the Bybit x Block Scholes Crypto Derivatives Analytics Report.
This change in market positioning is significant as it reflects growing confidence among investors, even in the face of potential volatility. Traders seem to be prioritizing upside potential over downside risk, a trend that could further propel Bitcoin’s price in the near term.
Analysts from Bybit and Block Scholes suggest that external factors, such as macroeconomic events and geopolitical developments, may also be influencing this bullish outlook. The report serves as a critical resource for traders looking to navigate the rapidly evolving crypto derivatives market.
For those keen on staying updated, Bybit continues to provide weekly insights into crypto market trends through its collaborative efforts with Block Scholes. This latest report underscores the dynamic nature of Bitcoin trading and the importance of staying informed in such a fast-paced environment.
Alfred Lee
