Key Insights:
- Bitcoin’s put option market surged to over $1.15 billion, signaling bearish sentiment.
- Put options centered around $10.4K–$10.8K, indicating concerns over Bitcoin’s near-term price movement.
Bitcoin options market has seen a notable increase in put option activity. In the past 24 hours, put options accounted for 28% of the total volume, surpassing $1.15 billion. This surge highlights rising interest in bearish positions as Bitcoin’s price fluctuates.
Rising Bearish Sentiment Near October 11 Crash Level
The majority of the surge in put options focused on near-term, out-of-the-money puts. These options ranged between $10.4K and $10.8K, pointing to a potential bearish outlook for Bitcoin. Market data suggests a shift in sentiment, with skew turning more negative, a signal that traders expect further downward movement.
According to Greekslive, the skew turned more negative, indicating rising bearish sentiment close to the October 11 crash level. This shift suggests that traders are bracing for a potential decline similar to the one witnessed during the October 11 crash.
Market Response and Bitcoin Price
The rise in options reflects market caution, with traders positioning themselves against further losses. While the surge in activity is notable, the full impact of these positions will depend on Bitcoin’s price movements in the coming days. With increased volatility, market participants are keenly watching for signs of further corrections.
As the market adjusts, the put options market could provide important signals for Bitcoin traders and investors. The increased bearish sentiment reflects concerns over the price’s near-term stability. As of press time, the Bitcoin price stands at $111,564 with a 24-hour trading volume of $69,96M. Bitcoin is down 0.77% in the last 24 hours.
