BTC options traders turn cautious as bearish bets rise

BTC options trading points to more protections against another bearish ￰0￱ Deribit open interest grows to $38B in October, another large weekly options expiry ￰1￱ options traders point to more bearish ￰2￱ weekly Deribit options expiry event points to more protections against a downward price ￰3￱ recent open interest on Deribit expanded to over $38B, as the month passed with accelerated options ￰4￱ Friday, BTC options with a notional value of $4.88B will expire for BTC, with another $948M in ETH ￰5￱ event is slightly larger compared to the previous week’s expiry, as the market also looks forward to the monthly expiry for ￰6￱ options are expiring at a maximum pain of $117,000, though it remains improbable for the price to push to that ￰7￱ options have a maximum pain at $4,050, close to the current price levels and a more probable shift to the slightly higher ￰8￱ of the weekly event, BTC sank to $110,758, while ETH traded at $3,990.93.

The market remained weak as more profit-taking and bearish trading erased the mid-week ￰9￱ crypto fear and greed index sank to 28 points, down from 34 points a day ago, now solidly in the ‘fear’ ￰10￱ BTC, nor ETH attempted a bigger short squeeze, instead shifting downward ￰11￱ options traders seek downside protection The weekly options positions changed quickly as the market switched to more fearful ￰12￱ the past 24 hours, bearish trades have returned, with another $1.15B in options flowing into put ￰13￱ options dominated in the short term, signaling bearish trading and a preparation for another downward move for BTC. |