Your day-ahead look for Sept. 28, 2026
By Omkar Godbole|Edited by Jamie CrawleySep 28, 2026, 7:32 a.m. EDT3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on (Jakub Żerdzicki/Unsplash)SummaryShowThis is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
Bitcoin BTC$83,000.50, ether ETH$2,663.79, and several other leading cryptocurrencies have faced challenges since the bullish trend stalled last Monday. The natural follow-up question is whether this has caused traders to seek protective measures against potential declines.
Currently, there are no indications of such behavior.
This is reflected in the options market's skew, which measures the difference in prices between downside puts and upside calls. A significant increase in put demand would result in puts becoming significantly more expensive than calls; however, this trend has not emerged yet. While call options have seen decreased interest compared to a week ago, this indicates a cooling of bullish sentiment rather than outright panic.
According to data analytics firm Laeviats, this shift is referred to as skew reversion rather than a surge in put demand.
“The 1.98v week-over-week change on BTC 7d skew to -0.45v is at the 92nd percentile of its 52-week range against a -4.41v median, indicating downside remains historically inexpensive, even as calls have lost their premium,” the firm explained on X. (Here, 'v' refers to volatility, as options are typically priced based on volatility.)
To clarify, while puts are relatively more expensive than calls, this difference is minor compared to the typical -4.41 reading observed over the past year. In essence, puts are generally much pricier than they are at present.
The conclusion is that bitcoin traders are currently interested in puts but are not yet preparing for a significant market downturn.
In the case of ether, calls remain more costly than puts, though the premium has decreased since last week, indicating a decline in bullish sentiment.
10x Research has also observed a rise in put demand recently.
“Put demand has increased in the past few days. The key question is whether this represents a temporary hedge or signals a more significant shift in market dynamics,” they stated on X.
In terms of bitcoin, they still perceive options as inexpensive, not indicative of panic.
“Implied volatility is nearing cycle lows while realized volatility is 12 points higher, and some Bitcoin options are currently priced at 30 volatility in a market moving at 42.” This suggests that bitcoin options remain attractively priced. Keep a watchful eye!
Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today. For a comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead."
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Crypto Daybook Americas - The latest moves in crypto markets, in contextMarket analysis for crypto traders and investors.PreviewSign upBy signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy.What’s trending
- Bitcoin Bears Pay to Bet on Further Declines as Futures Positions Near Yearly Lows (CoinDesk): Overall demand for leveraged exposure remains weak, marked by sliding futures open interest. The capital that's still in the market appears skewed toward bearish positions.
- Solana ETFs Draw Record $188 Million in a Week as Bitwise Takes Two-Thirds of Inflows (CoinDesk): U.S. spot solana exchange-traded funds attracted a record $188 million last week, with Bitwise’s BSOL taking about two-thirds of the money as every fund in the group recorded inflows.
- China Says U.S. Trade Truce Extension Creates Space to Advance Talks (Reuters): Markets have been waiting for news on Chinese tariff cuts on US farm goods following last week's Washington summit of leaders Xi Jinping and Donald Trump.
- Brent Crude Hits Multi-Month High as Middle East Supply Risks Mount (Financial Times): Oil rose above $108 a barrel on Monday, pushing US borrowing costs back up to their highest level since 2007, as hopes faded that Washington and Tehran could reach an agreement to reopen the Strait of Hormuz.
Today’s signal
BTC's daily chart. (TradingView)The chart illustrates bitcoin’s daily price movements in candlestick format.
Prices have retreated below $83,000, revisiting the high reached in May. That level of $82,813 was previously identified as a potential resistance area when BTC began its rally earlier this month.
However, prices swiftly moved past this level on Sept. 21, turning it into support. It is now being tested again. If this support holds, a new upward movement could occur. Conversely, if it fails, a more significant pullback may take place.
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