Bitcoin (BTC) has gained over 40% in four weeks and is just 10% short of challenging its record high near $69,000. The surge is consistent with the cryptocurrency’s record of rallying ahead of and after the quadrennial mining reward halving. That said, bitcoin call-put skews, which measure the cost of call options relative to puts over different maturities, suggest investors’ bullish expectations have materialized too soon. Data tracked by Amberdata show longer-duration call-put skews no longer exhibit a stronger call bias than short-duration skews and both have converged at around 5.5%. “This may be due to the heightened speculative sentiment among investors, which has led to a decrease in demand for far-month options. But we cannot rule out another possibility: As prices rise, investors’ expectations are realized ahead of schedule, and they are relatively cautious about the possibility of further sharp rises,” crypto financial platform BloFin said on X.
Is Bitcoin Rallying Ahead of Schedule?
