Bitcoin’s new rally in waiting? Unraveling 3 key signals

Bitcoin call options dominate the market as the 1 month 25 Delta Skew drops to -6.1%. 

Bitcoin’s 1M 25 Delta Skew fell to -6.1%, showing higher demand for calls over puts in the options market. Whale Exchange Balance Change dropped to -49.7K BTC over 30 days, confirming lower sell-side pressure.

Although Bitcoin [BTC] has struggled to keep an upward momentum and continued to trade under a straight consolidation channel, sentiment remains bullish.

The king coin continues to see strong demand from all market participants.

Call options surge

According to Glassnode, Bitcoin’s 1M 25 Delta Skew has dropped to -6.1%, showing call options now carry higher implied volatility than puts.

Source: Glassnode

At present, 205,447.56 BTC are allocated to call options—around 60% of the total. Puts account for just 131,697 BTC, or 39%.

That imbalance shows a clear directional bias.

When calls dominate like this, it typically reflects strong upward conviction among market participants.

CoinGlass data confirms this trend. Traders appear willing to pay a premium for upside exposure, positioning for a rally rather than hedging risk.

This structure sends a risk-on signal, supporting bullish continuation.

Whales accumulate as netflows stay negative

Source: CoinGlass

We can see this demand across market participants from both retail traders and whales.

For starters, Bitcoin’s spot Netflow has held within the negative territory over the last five days. It sat at -$48.9 million at press time, reflecting a strong accumulation trend.

Looking further, this demand for Bitcoin is even more aggressive among large holders. Whales have been accumulating BTC over the last 30 days.

Thus, Whale Exchange Inflows have significantly declined over the last months. For instance, on Binance, whale inflow has declined to hit a 6-month low.

Source: Checkonchain

On top of that, Whale Exchange Balance Change hit -49.7K BTC over the last 30 days, while large whales (1K–10K BTC) showed a -26K balance shift.

Simply put, whales are not sending coins to exchanges—they’re holding tight.

Additionally, Bitcoin’s Large Holders Netflow to Exchange Netflow Ratio has dropped from 6.93% to 0.08% over the last 30 days.

This further confirms reduced exchange inflow from whales, as they are selling less while they are accumulating more.

Source: IntoTheBlock

What’s next: Breakout or rejection?

With call options dominating the Futures market, it suggests that investors are bullish and expect prices to rise even further. Thus, traders are not only confident in BTC, but speculators are aggressively betting on it.

Demand for Bitcoin remains strong among whales and retail investors, positioning it for potential gains. If trends hold, BTC could break out of consolidation and reach $107,225.

However, if short-term holders take profits, it may retrace to around $101,530.

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