Sep 28, 2026, 7:32 a.m. EDT
3 min read
This is an excerpt from CoinDesk newsletter ‘Daybook.’ Sign up here, if you haven’t already.
Bitcoin BTC$83,334.22, ether ETH$2,673.19 and other major cryptocurrencies have come under pressure since the uptrend hit a wall last Monday. The usual next question is whether this has traders scrambling to buy crash insurance.
But as of now, there are no such signs.
That’s evident from skew, an options market metric that tracks the spread between what traders pay for downside puts and what they pay for upside calls. A sudden put bid would mean puts getting much more expensive than calls. That’s not the case so far. But yes, calls are no longer in demand as they were a week ago, a sign that bullish sentiment has cooled.
Data analytics firm Laeviats calls it skew reversion not a put bid.
“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,” it said in an explainer on X. (v stands for volatility, options are often priced in terms of volatility).
In plain English, puts are relatively pricier than calls, but the relatively richness is barely even noticeable compared to the typical reading of around -4.41 over the past year or so. In other words, puts usually cost a lot more than they do now.
The takeway, therefore, is that bitcoin traders are chasing puts they are not yet positioning for a crash or deep sell-off.
For ether, calls are still more expensive than puts, but the premium has narrowed from a week ago, suggesting that bullish sentiment has cooled.
10x Research also noted an uptick in demand for puts.
“Put demand has jumped over the past few days. The question is whether that is a short-term hedge or the start of a regime shift,” it said on X.
On bitcoin, they still see cheap options, not panic pricing.
“Implied vol is back near cycle lows while realized vol runs 12 points higher, and some Bitcoin options are now priced at 30 vol on a market moving at 42.” Essentially, bitcoin options are still cheap. Stay alert!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
However, prices swiftly rose through the same level on Sept. 21, flipping it into support. Now, it is being tested again. If it holds, the next leg higher could unfold. If the support gives way, a deeper pullback may unfold.
Originally published at https://www.coindesk.com/daybook-us/2026/09/28/bitcoin-traders-aren-t-panicking-yet-despite-cooling-sentiment.
