As the spot ETF narrative hogs the limelight, the U.S. Treasury's recent decision to slow the pace of bond sales and worsening economic and geopolitical issues silently strengthen the bullish case in bitcoin.

The one-month call-put skew has risen above 10%, indicating a strongest bullish bias in 31 months.

The fund continues to sell GBTC as shares have rallied 235% this year, outperforming bitcoin and traditional risk assets.