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Why this report matters
Bitcoin and Ethereum options markets are sending a clear signal: conviction is low, positioning is defensive, and volatility is being sold rather than bought. Traders are hedging downside risk in Bitcoin while systematically selling upside in Ethereum, hardly the setup for a sustained breakout.
At the same time, implied volatility remains elevated relative to realized, creating an environment where selling optionality continues to dominate flows. Yet beneath the surface, a key mid-April catalyst is approaching, and the market appears largely unprepared for a potential repricing.
In this report, we break down what the latest option flows reveal about positioning, where the real risks lie, and how to structure trades in a low-conviction, range-bound market with asymmetric opportunities.
Bitcoin (LHS) vs. BTC Skew (RHS)
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