Bitcoin options traders bet $90,000 on a rebound, analysts point to early signs of a market bottom forming.

According to data from on-chain derivatives platform Derive, Bitcoin options traders are building positions for a potential rebound to $90,000, early signs that the market may be attempting to bottom out. Sean Dawson, Head of Research at Derive, pointed out that Bitcoin volatility has fallen back to the 50% range, a level historically associated with consolidation rather than panic selling. The 25-delta skew indicator has rebounded from approximately -15% in late February to around -7%, suggesting traders are shifting from aggressive defensiveness to a more balanced outlook. Bitcoin options expiring on March 27th currently hold the largest open interest, with significant accumulation of call options at strike prices of $80,000 and $90,000, indicating that bulls are positioning themselves for a recovery towards the $85,000 to $95,000 range over the next month. However, there is still a large open interest of put options at strike prices of $60,000 and $55,000. Bitcoin is currently priced at approximately $84,000, down 3.2% in the past 24 hours. US-based Bitcoin ETFs, which had seen net outflows for four consecutive months, have recorded over $1 billion in net inflows in the past three days, including $254.4 million on Thursday. BlackRock's IBIT and Bitwise's BITB contributed $275.8 million and $69 million respectively. Binance Research points out that hedging in the options market has reached its most extreme level since the FTX crash, and recent price movements in the crypto market are highly correlated with high-beta tech stocks. Bybit's Chief Market Analyst, Han Tan, stated that the psychological level of $70,000 has continued to suppress bullish sentiment this month, and Bitcoin may record its fifth consecutive month of decline. However, fundamentals remain supportive, and once the macroeconomic environment becomes clearer, fund flows may reverse.