Bitcoin options traders bet on $90K rebound as analysts flag early signs of market base forming

Bitcoin options traders are positioning for a potential rebound toward $90,000, indicating early signs that the market is forming a base, according to Derive's Head of Research, Dr. Sean Dawson. Derivatives positioning shows a shift away from aggressive downside hedging, with significant call accumulation noted at the $80,000 and $90,000 strikes for the March 27 expiry, suggesting bullish traders expect a recovery into the $85,000 to $95,000 range as liquidity stabilizes. However, downside protection remains, with substantial put open interest at $60,000 and $55,000 strikes, implying bears expect drawdowns to be contained. Sentiment gauges like the 25-delta skew have rebounded from lows, indicating less defensive positioning. This cautious optimism is reinforced by recent three-day net inflows into U.S. spot Bitcoin ETFs totaling over $1 billion, following months of outflows. Analysts suggest that extreme hedging levels seen recently, coupled with supportive fundamentals, point toward sentiment potentially nearing a trough, with flows expected to reverse once macro clarity, particularly regarding Federal Reserve policy, improves.

(Source：The Block)