Bitcoin hovered near $70,000 after failing to break above $75,000, as US spot Bitcoin ETFs recorded $254 million in net outflows over two days-ending a seven-day inflow streak. While the outflow volume is modest, options markets tell a more cautious story.
Global risk aversion intensified as the S&P 500 hit a six-month low and gold sold off sharply. Traders are increasingly turning to put options for downside protection. On Friday, put premium demand on Deribit was 2.5 times higher than calls-a sign of neutral-to-bearish positioning.
The 30-day Bitcoin options delta skew stood at 16%, indicating professional traders doubt the $69,000 support level will hold. This comes amid a 21% price drop over three months and Bitcoin lagging the S&P 500 by 17%.
Soaring WTI crude above $94-up 50% in a month-fuels inflation fears and delays expected Fed rate cuts. Analysts warn of reduced consumer spending and supply chain disruptions due to Middle East conflict, further pressuring risk assets.
