Bitcoin BTC has mostly traded sideways since printing record highs above $110,000 last week.

The loss of upward momentum is now accompanied by signs waning bullish sentiment among market participants trading options tied to BlackRock's spot bitcoin exchange-traded fund (ETF).

That's evident from the one-year put-call skew, which reflects how the market prices in volatility risk for put options, offering downside protection relative to calls, representing bullish bets. Negative values represent a bullish bias while positive values suggest fears of downside.

IBIT's one-year skew has bounced to nearly zero from the four-month low of minus 3.8 two weeks ago, according to data source Market Chameleon. In other words, IBIT options traders are no longer chasing upside via options.

Perhaps they are expecting a pullback. Similar mood is evident in Deribit-listed options where the short-term call skew has weakened, meaning calls expiring in the next two weeks are trading at par with puts, according to data source Amberdata.

Read more: Bitcoin's $95K-$105K Range in Focus as $10B BTC Options Expiry Looms

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