Bitcoin’s Options Market Skews Bearish as Spot Price Loses Ground
Bitcoin's fall toward $18,000 has revived demand for short-dated put options as a way to hedge downside risk.
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Bitcoin’s price has ridden a roller coaster on lower spot volume while options traders are ready to bet on ether FOMO.
The largest-ever Bitcoin options expiry of $6 billion nearly doubles the previous record. The biggest-ever Bitcoin options expiry is due on March 26. Over $6 billion worth of Bitcoin (BTC) options will expire across exchanges on Friday, with a majority of these options being on Deribit. This will be a record expiry in terms of the value and number of options — a total of 100,400 Bitcoin options will expire. The previous record was set in January when nearly $4 billion worth of options expired, representing 36% of the open interest at the time.The enormous upcoming expiry comes on the back....
Bitcoin’s price popped Thursday while options traders take bearish ether October bets.
Bitcoin’s price is seeing little action while the ether options market is betting on a much lower valuation for the asset in 2021.
Bitcoin is short-term bearish, traders say, as the options market hints at consolidation. A pseudonymous trader known as “Byzantine General” is short-term bearish as Bitcoin (BTC) continues to test the same $30,000 support area.Although the price of Bitcoin is staying above a key support level, the trader said the price action is not bullish. He wrote:“In the midst of all this chaos, here's a bitcoin chart. Not much to do. It's bearish no matter how you look at it. But we're sitting on support, so no swing short opportunity either... It's just waiting now. > YO needs to hold.”"Options....