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Bitcoin and ether have come under pressure since an uptrend stalled, while options data cited by CoinDesk shows reduced demand for bullish calls but no pronounced rush into bitcoin puts. Analysts cited in the report said downside protection remained historically cheap, though put demand has risen in recent days.
Bitcoin and ether have weakened since a crypto-market uptrend stalled the previous Monday, but options pricing cited by CoinDesk on Sept. 28 showed no clear rush by bitcoin traders to buy crash protection. The data points to fading appetite for bullish bets, while demand for downside puts remains limited by historical standards.
One measure in the report is options skew, which compares the cost of downside puts with upside calls. A sharp increase in demand for puts would make them much more expensive relative to calls. CoinDesk said that shift had not appeared in bitcoin options, although calls were no longer commanding the premium they had a week earlier.
Data analytics firm Laevitas described the move as “skew reversion,” rather than a put bid. It said bitcoin’s seven-day skew had moved 1.98 volatility points week over week to -0.45, a reading in the 92nd percentile of its 52-week range. The report gave -4.41 volatility points as the median over that period. In this measure, the current reading indicates puts are relatively more expensive than calls than they were before, but the shift is small compared with the typical reading.
For ether, calls remained more expensive than puts, though that premium had narrowed from a week earlier. CoinDesk also cited 10x Research, which reported an increase in put demand over the preceding few days. The firm said bitcoin options remained inexpensive: implied volatility was near cycle lows while realized volatility was 12 points higher, and some options were priced at 30 volatility against a market moving at 42, according to the report.
Options Prices Show Limited Fear
The distinction between cooling optimism and panic hedging matters because options prices can show how traders are positioning for risk, beyond what can be inferred from falling spot prices alone. Fewer buyers paying up for calls suggests bullish conviction has eased. The absence of a strong put premium, meanwhile, indicates the market had not broadly priced in urgent demand for protection against a sharp bitcoin decline.
That reading is a snapshot of options pricing, not proof that traders expect prices to rise or that a sell-off cannot deepen. Put demand had increased in recent days, according to 10x Research, and options markets can change quickly. The available figures describe relative option costs and volatility at the time of the report; they do not establish how all traders are positioned.
A Pullback Tests Recent Support
The report placed the options data against a price pullback after the uptrend hit a wall the previous Monday. It also referenced a price level that bitcoin moved above on Sept. 21, turning it into support, and said that level was being tested again. The source excerpt did not specify the level’s price.
CoinDesk described two possible outcomes: if the support holds, another upward move could follow; if it fails, a deeper pullback could develop. Those are conditional scenarios, not confirmed forecasts. The report listed bitcoin at $83,189.97 and ether at $2,677.64 in its publication text; the excerpt does not establish those figures as current prices beyond that reporting snapshot.
““The 1.98v week-over-week move on BTC 7d skew to -0.45v sits at the 92nd percentile of its 52-week range against a -4.41v median, so downside remains historically cheap even after calls have given up their premium.””
— Laevitas, as quoted in the CoinDesk report
Will Put Demand Keep Rising?
The report does not establish whether the recent increase in put demand is short-term hedging or the start of a broader shift. It also does not give the price of the support level under test, specify how long it must hold to validate the bullish scenario, or provide subsequent market data. The options readings therefore describe conditions at publication and cannot settle the direction or depth of the next move.
Watch Skew and Support Levels
The next signals identified in the report are whether bitcoin holds the Sept. 21 support level and whether demand for puts continues to rise relative to calls. A sustained increase in put pricing could change the current picture of limited crash hedging; continued support and stable skew would leave the reported pullback without that confirmation. No later milestone or scheduled market event was specified in the source excerpt.
Key Questions
Does the options data show bitcoin traders expect a crash?
No clear crash signal was reported. CoinDesk said downside puts remained historically cheap relative to the 52-week comparison, despite a recent increase in put demand.
What does options skew measure?
Skew compares the cost of puts and calls with the same or similar expiry. Puts can provide protection against declines, while calls provide exposure to gains; a shift toward more expensive puts can indicate stronger demand for downside protection.
What did the report say about ether options?
Ether calls were still more expensive than puts, but the call premium had narrowed from a week earlier, which the report characterized as a sign of cooler bullish sentiment.
What could happen if bitcoin’s support level fails?
The report said a deeper pullback could unfold if the support level gives way. It did not identify the level’s price in the supplied excerpt, and the scenario was conditional rather than a forecast.
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