Bearish Sentiment Persists in BlackRock’s Bitcoin ETF IBIT
- IBIT’s one-year put-call skew turned positive on July 25, indicating a bearish bias for two consecutive months.
- Traders have shown a preference for protective puts over bullish calls, reflecting a cautious market sentiment.
- The price of IBIT has struggled to surpass the $70 mark since July, recently forming a lower high at $66.
- This pattern of lower highs suggests weakening buying pressure and potential bearish momentum.
The sustained bearish sentiment in IBIT is notable as it mirrors previous declines observed from March to April this year, driven by external market pressures. The current trend indicates that sellers are gaining strength amidst this cautious outlook.
With IBIT failing to break above $70 and establishing a lower high at $66, the market remains wary as protective puts dominate trading strategies.(Source)
