Bitcoin (BTC) is experiencing sideways trading after reaching an all-time high of over $110,000 last week. Analysts note a shift in market sentiment, as options markets for the BlackRock Spot Bitcoin ETF (IBIT) and Deribit indicate a potential pullback. The one-year put-call skew for IBIT options has moved from a four-month low of -3.8 to near zero, suggesting traders are no longer betting on further gains. Similarly, on Deribit, short-term call options show weakened skewness, with prices of call and put options converging, reflecting a cautious market outlook.