Bitcoin Options Turn Bullish for First Time in 12 Months; Futures Open Interest Hits $52.64B

The shift in the 25-delta skew matters because it reflects positioning rather than price action: for the first time in a year, traders are paying more for upside exposure than downside protection. Combined with the call-heavy open interest split, the derivatives market is leaning bullish while Binance alone carries over a fifth of all futures exposure, a concentration worth noting for how moves may amplify. Whether the skew stays positive, or flips back as it did repeatedly over the past year, is the open question.