Bitcoin bulls are loading up on calls while spot traders keep selling

Bitcoin’s derivatives market is turning more bullish even as spot traders remain reluctant to chase another move above $80,000.

Glassnode’s latest Market Pulse showed demand shifting toward call options while US spot Bitcoin ETF inflows accelerated.

Yet aggressive selling still outweighed buying on centralized exchanges, leaving the market without the broad participation that would make another breakout more convincing.

Data from CryptoSlate showed Bitcoin traded around $78,800 on Tuesday after failing to sustain its latest move above $80,000. This puts the divergence between speculative positioning and actual spot demand back in focus.

Options traders start paying for upside

The clearest change came in Bitcoin’s options market, where 25-delta skew swung to -2.05% from +0.79%.

Under Glassnode’s methodology, the move means calls have become relatively more expensive than puts, signaling greater demand for upside exposure.

This marks a reversal from the more defensive positioning seen previously and suggests traders are increasingly willing to pay for the possibility of another advance.

Meanwhile, institutional flows are moving in the same direction.

US spot Bitcoin ETFs attracted $681.2 million in net inflows over the latest weekly observation, up from $247.8 million previously.