Singapore-based crypto trading firm QCP Capital reported that Bitcoin (BTC) risk reversals remained skewed toward sell-offs through June, signaling continued short-term caution among investors.
QCP: Bitcoin Options Market Cautious in the Near Term, Optimistic in the Long Term Amid Tariff Uncertainty
Despite BTC’s recent price resilience, market sentiment appears to be in a holding pattern as investors monitor developments in global trade policy.
Risk reversals, used to measure sentiment in options markets, compare buying and selling demand to show that investors are still protected against potential downside risks in the short term.
However, QCP noted a shift in sentiment ahead of the curve, with a more constructive tone emerging for long-dated options.
“On Saturday, we observed aggressive buying of 800 contracts for the BTC-27MAR26-100K call,” QCP said, emphasizing the increased interest in long-term bullish bets. This particular options trade implies a confident outlook for BTC to reach $100,000 by March 2026.
Meanwhile, Bitcoin continues to consolidate in the $80,000-$90,000 range as macroeconomic uncertainty keeps markets under pressure, especially regarding the US tariff policies.
Investors appear to be taking a “wait and see” approach amid conflicting signals from Washington on the direction of tariffs targeting China and other major economies.
With BTC holding steady despite the broader geopolitical and economic noise, the divergence between near-term caution and long-term optimism underscores a maturing market that is becoming increasingly sensitive to macro signals.
*This is not investment advice.
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