Bitcoin options traders are bearish, but hesitant

The low implied volatility indicates that options traders haven't been more long-term bearish since May 2021, while the high volatility skew suggests they are hesitant to take directional bets. 
Source: Skew

Options enable traders to bet on movements in price. Therefore, the more volatile an asset is, the more expensive are its options. Implied volatility (IV) is inferred from option prices and shows how volatile traders believe an asset to be in the future. The lower the IV - the lower the options prices.

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