In only one day, the cryptocurrency options market saw almost $1.2 billion in trading, with $530 million coming from Bitcoin puts. A significant deal was a calendar trade in which 500 BTC-28MAR25-40000-P puts were sold for ฿0.0130, with a notional value of $66 million. Meanwhile, 500 BTC-27DEC24-40000-P puts were purchased for ฿0.0042, generating $300,000 in premium income for the trader. Strong options selling and persistent pessimistic sentiment are reflected in this rise in block trades; traders are probably hedging or profiting from volatility rather than projecting a large decline.
Market Momentum and Sentiment
Recently, bitcoin surged to a two-week high of $65,700, up 1.4% in a single day and 10% in the previous month. Additionally, Ethereum increased 3.1% to $2,617, marking an 8% monthly increase. A cautious optimism is evident in the 34% and 31% increases in trading volumes for BTC and ETH, respectively. Still, the market appears to be heavily weighted toward bearish positions based on the frequency of options sellers, particularly in put options.
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