With a tentative U.S-China trade agreement on the table, BTC positioning is changing. Put-skew in Deribit BTC options has tightened to ~2–3% from ~5% after the Oct-10 liquidation crash, showing less demand for downside protection. Flows since the crash have leaned bearish; put longs, put spreads, and heavy call overwriting. But the upcoming Trump–Xi meeting could reopen the path higher. Read more: https://www.coindesk.com/markets/2025/10/28/preliminary-consensus-on-us-china-trade-deal-may-unlock-bitcoin-upside-exchange-says Disclaimer: Deribit FZE is licensed by the Virtual Assets Regulatory Authority (VARA) for virtual asset exchange services, but does not offer derivatives to retail investors. DRB Panama Inc. is unregulated and serves retail and non-retail investors. Virtual Assets are subject to extreme market volatility, involve a high degree of risk, and can lose value, in part or in full. Investing in Virtual Assets may result in you losing your entire investment. Virtual Assets are not insured against potential losses and are not protected by any form of financial protection whatsoever.(Deribit)