Matrixport reported that Bitcoin and Ethereum options traders have shifted toward a slightly bullish stance after a period of rising downside protection. Following a Bank of Japan rate decision and US macro releases, the 25-delta skew for both assets rose, signaling changed demand dynamics among options traders.
On-chain data show Bitcoin Regime Score and volatility are rising, even as price direction remains uncertain ahead of the holidays. Notably, analysts say this shift could herald a Santa Claus rally, with macro conditions described as supportive and no clear obstacles. The move also marks the first positive signals from options traders since the October 10 crypto market crash.
Bitcoin price has risen about 1% in the last 24 hours to around $89,751, with a 24-hour low of $87,613 and a high near $89,859. Ethereum is also up about 1% to above $3,000, trading near $3,056. Trading volume rebounded, up more than 70% for BTC and roughly 92% for ETH.
Analysts caution that the market remains uncertain, with Bitcoin Regime Score bullish but not yet confirming momentum and short liquidations reinforcing buy-side asymmetry. The December 26 options expiry, along with the year-end price, will likely shape BTC and ETH trajectories in the weeks ahead. Some observers note the crypto market is in an early bear phase, even as sentiment shows tentative signs of resilience ahead of year-end trading.
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