Institutions Still Skeptical of a Near-Term Bitcoin Rally, CME Options Data Show

CME’s bitcoin options show investors continue to pay a premium for short-dated protective put options after Wednesday’s U.S. CPI release.

“The volatility skew, which represents the difference in implied volatility between out-of-the-money puts and calls is quite pronounced in the shorter-dated options. The higher implied volatility for OTM puts compared to calls suggests investors are still cautious about near-term downside risks and are willing to pay a premium for protective puts,” CF Benchmarks said in a note shared with CoinDesk on Thursday.

CF Benchmarks is the U.K.-regulated provider of digital assets benchmarks like the CF Bitcoin Volatility Index. CF Benchmarks and CME also publish several crypto-related reference rates, including the CME CF Bitcoin Reference Rate and CME CF-Ether Dollar Reference Rate.

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