CME Bitcoin Options Signal Largest Bullish Sentiment Since Presidential Election
Bullish options pricing and renewed ETF inflows have analysts anticipating new highs for Bitcoin.
On Tuesday, Bitcoin (BTC) options trading on the Chicago Mercantile Exchange (CME) displayed the strongest bullish sentiment since Donald Trump’s election victory on November 5. Traders rushed to purchase calls—options providing asymmetric upside exposure—resulting in a skew increase to 4.4%, the highest since early November, according to data from CF Benchmarks.
Skew refers to the variance in implied volatility between calls and puts (which offer downside protection); positive skew values indicate bullish sentiment.
“Thirty-day topside skew in the Bitcoin options market has reached levels not seen since the November election results,” said Thomas Erdösi, head of product at CF Benchmarks. “This reflects strong bullish sentiment, with traders actively positioning for upside exposure across both short- and long-term maturities.”
Bitcoin’s price surged by 5%, crossing $106,000 on Tuesday, propped up by buyers defending the $100,000 support mark, despite President Trump’s omission of cryptocurrency in his inauguration speech the previous day.
This price bounce coincided with renewed interest in U.S.-listed spot ETFs, with net inflows totaling $802 million, according to SoSoValue data. BlackRock’s IBIT alone attracted $661.8 million, further augmenting bullish sentiment.
Valentin Fournier, an analyst at BRN, conveyed in an email that “ETF inflows have continued their impressive accumulation streak, marking four consecutive days with substantial inflows, totaling over $3 billion for Bitcoin alone.” He noted, “Bitcoin ($802M) and Ethereum ($74M) are receiving robust institutional support, which could further drive prices to new peaks.”
Long-term holders—identified as wallets maintaining coins for over 155 days—are reducing profit-taking activities according to blockchain analysis firm Glassnode.
“Looking ahead, it’s likely that volatility may moderate slightly towards month-end, but the topside skew is expected to persist, barring any unexpected policy shifts. This should maintain upward price pressure for the foreseeable future,” Erdösi added.
