Bitcoin ripped to $94,000 as critical metric quietly turns positive for first time since October
Bitcoin surged to $94,000, supported by positive options call skew, supply redistribution, and low leverage, suggesting a structurally sound rally.Summary
Bitcoin climbed to $94,000, coinciding with significant inflows into Bitcoin ETFs. However, the rally's foundation appears deeper than just spot demand, as indicated by structural shifts in derivatives and on-chain data. A critical metric, Bitcoin options call skew (measuring the cost of upside versus downside protection), flipped positive on January 1st for the first time since October, signaling institutional traders are aggressively betting on further upside. This positive skew creates a self-reinforcing feedback loop via dealer hedging. Concurrently, on-chain analysis showed a massive supply redistribution: top-heavy supply dropped significantly, and realized profit-taking collapsed, indicating that new buyers are accumulating with longer time horizons, thus reducing sell-side pressure. Furthermore, the rally included a short squeeze, but it occurred in a low-leverage environment, meaning the move is not built on fragile, borrowed capital. The convergence of positive call skew, supply consolidation, and compressed leverage suggests the recent price action is structurally sound and amplified by catalysts like ETF inflows.
(Source：CryptoSlate)