Bitcoin bulls load up on calls as spot sellers keep selling
Bullish options and ETF inflows contrast with spot selling
Bitcoin’s price stayed around $78,800 on September 8, 2026, failing to stay above $80,000. At the same time, traders buying options that profit from price rises (calls) increased their activity, and U.S. spot Bitcoin exchange‑traded funds (ETFs) attracted a large net inflow of money.
Despite these signs of optimism, the amount of Bitcoin sold on centralized exchanges was still larger than the amount bought, keeping overall spot demand negative.
Key numbers
- 25‑delta options skew moved from +0.79% to –2.05%, meaning calls became relatively more expensive than puts.
- U.S. spot Bitcoin ETFs recorded $681.2 million in net inflows for the latest week, up from $247.8 million.
- Spot cumulative volume delta (CVD) improved to –$29.6 million but stayed negative, indicating sellers still outpace buyers.
- Perpetual futures CVD remained negative at –$176 million, showing limited aggressive buying.
Confirmed data
Glassnode’s market pulse shows the shift in options pricing, the rise in ETF inflows, and the negative spot CVD figure. The price level of about $78,800 is reported by CryptoSlate’s own data.
Remaining uncertainty
The market will look for a positive spot CVD – a measure that would show buyers overtaking sellers – before the bullish sentiment in options and ETFs can be seen as supported by actual buying.
Implications
If spot buying becomes dominant, it could give Bitcoin the broader participation needed for a sustained breakout above $80,000. Until then, the current optimism may be limited to derivatives and institutional fund flows.
Next steps
Analysts will watch weekly spot CVD and ETF inflow trends. A shift to positive spot CVD combined with continued ETF money would be a sign that the bullish outlook is gaining real market support.
