According to the widely followed 25% delta skew of Bitcoin options expiring in 7, 30, 60, 90 and 180 days, investors are currently roughly net neutral in their outlook for the Bitcoin price. According to data provided by crypto analytics firm The Block, all five 25% delta skews are close to zero, up substantially from last year’s immediate post-FTX collapse lows, but also down slightly from highs printed earlier this year in the year.

However, a separate option market indicator of investor sentiment is sending a more bullish sign. According to data presented by The Block, the Open Interest Put/Call Ratio of Bitcoin options was last at 0.41, still very close to the record lows printed in late January/early February. An Open Interest Put/Call Ratio below 1 means that investors favor owning call options (bets on the price rising) over put options (bets on the price dropping).