Bitcoin
The options genre of the leading decentralized OnChain platform is out. xyz shows that traders are preparing to volatility for downside prices in the next few weeks.
As of Monday, 20% of the platform’s total BTC options open interest (valued over $54 million) was concentrated on voting options expired on July 11, with strikes of $85,000, $100,000 and $106,000 Derived.
“This shows that traders are positioning potential shortcomings that may be able to address macro uncertainty or profit after recent strength,” DERIVE founder Nick Forster told Coindesk.
The holder gives the holder the right to sell the underlying asset (such as BTC) at a pre-determined price on or before a specified future date. A bearer is implicitly bearish in the market, seeking to hedge or profit from potential declines in underlying asset prices. Open interest refers to the dollar value of the number of active option contracts at a given time.
Forster added that PUT options accounted for more than 70% of trading volume over the past 24 hours, indicating that “BTC traders are on defense.”
The bearish stream contradicts the activity of centralized crypto options giant Deribit, where traders abandoned voting options that expired in July while buying up the up bet or call option. The adjustment happened as BTC prices rose more than 7% last week, marking a strong rebound in levels below $100,000.
“We observed no longer needing $100,000 and below dumping in July and repurchases (Blue) $108,000-$115,000 phone number. With a calm environment and a long weekend of July 4th, more stock was sold to dealers,” Deribit points out On X.
DEX traders’ optimism about ETH
Traders with Blianander Bullish, who stand out on Ether, about 30% of open interest is concentrated in the $2,900 strike phone option and another 10% of the $3,200 call.
“This positioning appears to be driven by Cannes’ expectations for EthCC, a major event related to product announcements and ecosystem growth. Traders clearly expect the catalyst to drive upward momentum,” Foster noted.
