Despite Struggling to Keep Upward Momentum, Bitcoin [BTC] Sentiment Remains Bullish

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

Bitcoin [BTC] has struggled to keep an upward momentum and continued to trade within a straight consolidation channel. However, despite this sideways movement, the crypto market is displaying a bullish sentiment.

As the king coin continues to see strong demand from all market participants, it could be setting up for further gains.

Call options surge

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

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 like this are used, 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, which could support bullish continuation.

Moreover, 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, institutions are reducing their presence in the market, while large traders are increasing their activity.

As such, institutions are becoming less interested in Bitcoin.

As seen above, institutions appear to be exiting their positions. This is evident in the decreasing Exchange Inflows.

For instance, on Binance, whale inflow has declined to hit a 6-month low.

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

Put simply, whales are not sending coins to exchanges—they’re holding tight.

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

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

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.

This strong demand from both whales and retail investors could propel Bitcoin toward further 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.