„Bitcoin Options Open Interest“ turi didesnę pirmenybę skambučiams

The world’s largest cryptocurrency Bitcoin (BTC) continues to face strong selling pressure. On Monday, May 23, the BTC price tankas 3% moving under $30,000 despite the U.S. equity market moving higher.

Bitcoin continues to trade in the range of $28,500-$31,500 for a while now. Glassnode data shows that the BTC market has traded lower for eight consecutive weeks marking it the longest “continuous string of red weekly candles in history”.

Furthermore, a look into the Bitcoin derivatives market suggests the risks of further downside, at least over the next three to six months. In its latest report, on-chain data provider Glassnode explains that the Bitcoin options market continues to price in the near-term uncertainty.

During the market sell-off last week, the Bitcoin options implied volatility surged significantly. Glassnode explains:

Short-dated at-the-money options saw IV more than double, from 50% to 110%, whilst 6-month dated option IV jumped to 75%. This is a break higher from what has been a long period of very low implied IV levels.

Bitcoin Put Options Have Higher Preference

With a very strong bearish sentiment, the Bitcoin put options have a very strong preference looking into the end of Q2 2022. Just over the last two weeks, the Bitcoin put/call ratio for open interest has surged from 50% to 70%. It means that the market is preparing to hedge further downside risks.

By the end of Q2, there are strong put options with strike prices of $25k, $20k, and $15k. At the same time, the open call options are very low. Thus, by the mid of this year, investors have a strong preference for hedging risks thereby speculating further downside price action.

On a long-term basis i.e. by the end of the year, the options interest setup for Bitcoin is notably constructive. Glassnode paaiškina:

There is a clear preference for call options, with concentration around strike prices of $70k to $100k. Furthermore, the dominant put option strike prices are at $25k and $30k, which are at higher price levels than the mid-year.

Bhushanas yra „FinTech“ entuziastas ir puikiai supranta finansų rinkas. Jo susidomėjimas ekonomika ir finansais atkreipia dėmesį į naujas besiformuojančias „Blockchain“ technologijos ir kriptovaliutų rinkas. Jis nuolatos mokosi ir nuolat motyvuoja dalintis įgytomis žiniomis. Laisvu laiku jis skaito trilerių fantastikos romanus ir kartais tyrinėja savo kulinarinius įgūdžius.

Pateiktame turinyje gali būti asmeninė autoriaus nuomonė ir jis priklauso nuo rinkos sąlygų. Prieš investuodami į kriptovaliutas, atlikite rinkos tyrimus. Autorius ar leidinys neprisiima jokios atsakomybės už jūsų asmeninius finansinius nuostolius.