Bitcoin DEX Traders Prepare for Downside Volatility with $54 Million in Puts
Bitcoin Options Flow Indicates Bearish Sentiment
- 20% of total BTC options open interest on Derive.xyz, valued at over $54 million, is in July 11 expiry put options with strikes at $85,000, $100,000, and $106,000.
- This positioning reflects a potential downside expectation among traders amid macro uncertainty or profit-taking after recent price strength.
- Put options represented over 70% of trading volume in the past 24 hours, indicating defensive behavior among BTC traders.
- Contrastingly, on Deribit, traders are moving away from July expiry put options and are buying call options as BTC rose over 7% last week.
- Deribit reported a sell-off of $100,000 puts and a buyback of calls ranging from $108,000 to $115,000.
Diverse Sentiment Among ETH Traders
- Traders on Derive are bullish on ether, with 30% of open interest in $2,900 strike call options and 10% in $3,200 calls.
- This bullish positioning is linked to anticipation around ETHCC in Cannes, an event associated with product announcements and ecosystem growth.