Bitcoin Options Traders Signal Growing Caution Amid Macro Uncertainty

05.08.2025 16:10

Bitcoin (BTC) options traders are exhibiting increased caution as key market indicators point to heightened demand for downside protection. The put-to-call ratio at Deribit reached 90%, significantly above the typical 50% imbalance favoring calls, indicating growing interest in neutral-to-bearish strategies. More strikingly, the 30-day options skew surged to +7% – its highest level in four months – showing traders are paying substantial premiums for protection against negative price shocks.

This caution coincides with global economic uncertainty driving risk aversion. US 10-year Treasury yields fell to 4.21% from 4.32% in a week, signaling investors are flocking to safer assets. Major corporations including Caterpillar (projecting $1.5B tariff losses), Saudi Aramco (19% profit drop), and UPS (3% revenue decline) reported earnings disappointments linked to trade tensions and slowing demand.

Longer-term sentiment mirrors this shift, with the 180-day BTC call-put skew dropping to zero – indicating balanced bullish/bearish expectations after prolonged optimism. Griffin Ardern of Blofin noted this pattern resembles early signals from the 2022 bear market. The trend is partly attributed to rising adoption of covered call strategies, where investors cap upside potential for steady income.

Despite these bearish signals, Bitcoin futures maintain a neutral 7% premium within the 5-10% healthy range. This resilience suggests traders aren't actively positioning for a crash below $110,000, but rather hedging against macroeconomic turbulence.