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By Omkar Godbole, AI Boost|Edited by Sheldon Reback
Aug 18, 2025, 2:49 p.m.
- One-year IBIT puts trade at 4.4 implied volatility premium to calls, the widest spread since early April.
- It’s a sign of growing demand for downside protection.
Protection against price drops in BlackRock’s spot bitcoin
exchange-traded fund(ETF), is now at its priciest since the early April market slide.
On Monday, the spread between implied volatilities (IV) for 25-delta puts and 25-delta calls for the iShares Bitcoin Trust ETF (IBIT) rose to 4.4, the widest since April 10, according to data source Market Chameleon.
STORY CONTINUES BELOW
In other words, put options, which insure the buyer against price drops in the underlying asset, traded at a premium of 4.4 IV relative to calls, or bullish bets. It’s a sign investors are increasingly seeking protection against price declines, reflecting growing concerns about IBIT’s near-term outlook.
IBIT gapped lower at $65.72 on Monday, tracking overnight losses in the spot bitcoin market. At press time, the ETF shares were trading at $65.44, down 1.51% for the day, having reached a record high of $69.89 last week, according to data source TradingView.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Omkar Godbole is a Co-Managing Editor and analyst on CoinDesk’s Markets team. He has been covering crypto options and futures, as well as macro and cross-asset activity, since 2019, leveraging his prior experience in directional and non-directional derivative strategies at brokerage firms. His extensive background also encompasses the FX markets, having served as a fundamental analyst at currency and commodities desks for Mumbai-based brokerages and FXStreet. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
Omkar holds a Master’s degree in Finance and a Chartered Market Technician (CMT) designation.
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
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What to know:
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