Early Thursday, CoinDesk reported bullish-to-neutral shift in sentiment in the options market tied to BlackRock's spot bitcoin exchange-traded fund (ETF). But by the end of the day, the situation worsened further, with sentiment turning slightly bearish.The one-year put-call skew, which reflects how the market prices in volatility risk for put options, offering downside protection, relative to bullish call options, turned slightly positive to 0.2%, according to data source Market Chameleon
source: https://www.coindesk.com/markets/2025/05/30/downside-insurance-on-blackrock-s-spot-bitcoin-etf-is-now-pricer-than-bullish-bets