Bitcoin and Ether Traders Remain Skeptical of Recent Rally, Options Data Reveal Persistent Caution

With bitcoin BTC$61,820.55 the broader crypto market is showing signs of recovery, yet defensive positioning remains, indicating ongoing caution.

This is evident in the BTC and ether (ETH) options markets on Deribit, where put options — derivative contracts that shield against price declines — continue to command a premium over calls, reflecting enduring caution.

Bitcoin’s one‑week 25‑delta put‑call skew, which measures put volatility relative to calls, stands at roughly 16%, signaling a modest but still elevated demand for downside protection, though this is down from 25% ten days ago, according to Velo.

Across the one‑, three‑, and six‑month horizons, put premiums remain above 10%, and ether exhibits a comparable pattern.

The implication is clear: persistent downside concerns sustain demand for protection against price drops, even as long‑term BTC holders and ETF investors resume accumulation.

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