The options market is at odds with the bullish BTC spot price.

Adam, a macro researcher at Greeks.live, an analyst specializing in crypto options, tweeted on X (formerly Twitter), "While BTC has risen above $47,000 on expectations of BTC spot ETF approval, the options market is showing a contrary sentiment. Currently, the options implied volatility (IV) at the 11-day expiration is below 90%, and IVs at other expirations are also significantly lower. Institutional investors have begun to short the ETF market rather than sell when ETF momentum is strong. At least in the options market, there are doubts about the future price outlook.