Bitcoin’s derivatives market is showing more bullish positioning even as spot traders remain cautious after the cryptocurrency failed to sustain a move above $80,000. Glassnode’s latest Market Pulse found Bitcoin’s 25-delta skew moved to -2.05% from +0.79%, indicating that calls have become relatively more expensive than puts and that traders are paying more for upside exposure. US spot Bitcoin ETFs also recorded $681.2 million in net inflows during the latest weekly observation, up from $247.8 million previously. However, exchange-based demand remains unconvincing: spot cumulative volume delta (CVD), which measures aggressive buying against selling, improved but stayed negative at $29.6 million, compared with -$84.9 million the previous week. Perpetual futures CVD remained negative at -$176, while falling long-side funding payments and $37 billion in open interest pointed to continued leverage without aggressive bullish positioning. Bitcoin traded around $78,800 on Tuesday, and the analysis said a future move above $80,000 would need to absorb $47 billion in additional profitable supply. A positive spot CVD alongside sustained ETF inflows would provide stronger confirmation that options-market optimism is reaching direct buyers; continued spot selling would leave derivatives traders positioned for a breakout that the underlying market has not yet supported.