ChainCatcher reports that, according to CoinDesk, Deribit data shows that as Bitcoin experienced a significant pullback and reached around $66,000, the notional value of $40,000 put options has reached approximately $490 million, highlighting an increased market demand for downside risk hedging.
Additionally, Bitcoin options with a notional value of about $7.3 billion are set to expire at the end of this month, with $75,000 strike options accumulating $566 million, which is currently the “largest pain point price.” Although the total number of call options still exceeds put options (63,547 call contracts versus 45,914 put contracts), with a open interest ratio of 0.72, the large open interest in low strike put positions indicates a clear market demand for downside protection. Traders are maintaining upside exposure while also hedging against potential further declines.
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