Key-metrically bound to Blackrocks Nasdaq -noted Place Exchange -handled Fund, Ibit, has flashed warning signs for two equal months.
Ibit’s one-year-old put-call cattle, a target of market atmosphere or pessimism, tilted positively on July 25 and has been comfortably over zero since then, according to Data Source Market Chameleon. It’s two straight months of bearish put bias.
In other words, dealers have consistently preferred protective of the Bullish calls for two months, signaling a sustained cautious or risky view.
A similar put option bias was observed from March 8 to April 21 this year, a period characterized by sharp decreases in both the spot price and Ibit, primarily driven by the trade war-induced weakness on Wall Street.
Ibit’s Uptrend has stopped
Ibit’s price trend has stopped since July and not several times rising over the $ 70 level. Recently it formed a “lower high” to $ 66, which means the recent top price was lower than the previous one near $ 70.
This pattern signals the weakening of the purchase pressure and suggests that sellers win strength. The formation of lower heights often indicates a potential downward or bearish momentum.
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