Downside Protection in BlackRock’s Spot BTC ETF (IBIT) Now Exceeds Cost of Bullish Investments.

Early Thursday, there was a notable change in the options market sentiment regarding BlackRock’s spot Bitcoin exchange-traded fund (ETF), transitioning from a bullish to a more neutral stance. By the day’s conclusion, however, the mood soured, shifting toward a slightly bearish outlook.

The one-year put-call skew, which indicates market expectations for volatility risk concerning put options—which provide downside protection—relative to call options, increased modestly to 0.2%, based on information from Market Chameleon.

This shift in sentiment meant that protective put options were trading at a small premium over calls, signaling a resurgence of bearish sentiment in the market.

On Thursday, IBIT experienced a decline of 1.32%, concluding the day at $59.99. The net inflow registered was $125 million, marking the lowest single-day figure since May 13, according to data from SoSoValue.