Bitcoin put-call ratio hits 1-year high: Are bears preparing for drop to $55K?
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin's Deribit put-call premium ratio hit a one-year high on Friday, with $115 million in put premiums dwarfing just $16 million in calls — a 7:1 imbalance signaling extremely low bullish demand.
- The 30-day delta skew stood at 19% on Monday, indicating market makers are unwilling to hold downside exposure; this elevated fear has been the norm for four consecutive weeks.
- MicroStrategy announced $1.2 billion in additional cash from recent share sales and earmarked $1.25 billion in Bitcoin for eventual sale; the company currently holds 17 months of dividend coverage.
- US-listed Bitcoin spot ETFs have recorded seven consecutive weeks of net outflows, shattering bulls' hopes of a bounce from the $58,050 lows hit on June 25.
- Over $20 billion in cumulative inflows into semiconductor ETFs has driven an 81% rally in iShares Semiconductor ETF (SOXX) and 60% gains in VanEck Semiconductor ETF (SMH), per Bloomberg data.
- Crude oil prices dropped to four-month lows following the US and Iran's 60-day ceasefire, yet Bitcoin still failed to reclaim $61,000 since Thursday.
Why it matters: MicroStrategy's decision to earmark $1.25 billion in Bitcoin for eventual sale adds direct supply-side pressure on top of seven straight weeks of spot ETF outflows, while the $20 billion rotation into semiconductor ETFs suggests capital is decisively abandoning crypto exposure rather than merely de-risking.
