AI Crypto Tokens Decline as Nvidia Options Activity Increases
Tokens linked to artificial intelligence (AI) underperformed compared to major cryptocurrencies in the last 24 hours. This decline coincides with significant put option activity for Nvidia (NVDA), which announced plans to build AI supercomputers in the U.S.
- Bitcoin increased by 0.6% to $85,500.
- TAO token decreased by 3.6% to $239.
- Render Network's RNDR token fell by 1.7% to $3.93.
- Other tokens like FET, SEI, and GRT dropped by 2%.
Notable put option activity for Nvidia included:
- Concentration on $100 strike options expiring on April 17, April 25, and May 2.
- Activity in $60 puts expiring on April 17.
- Options at $50 and $85 strikes expiring on May 16.
This unusual activity suggests protective trading strategies, indicating traders may be hedging against potential declines. An analyst pointed out that "someone knows something," highlighting the market's speculative nature.