Bitcoin’s next selloff could be amplified by the traders still betting on its recovery
BTC when published $82,514Now $80,617 ▼ −2.30% since it was published
Bitcoin options traders are becoming more defensive even as leveraged futures traders maintain bullish exposure amid persistent spot selling. An Oct. 19 Glassnode report showed Bitcoin's 25-delta options skew climbing from 5.2% to 8.6% over the preceding week, reflecting a growing premium for downside protection relative to bullish options. Meanwhile, aggregate funding payments by perpetual futures longs jumped 49.4% to $1.6 million, suggesting continued demand for leveraged bullish exposure despite weak buying activity in the underlying market. The contrasting positions emerged as Bitcoin struggled to recover from October's selloff. The cryptocurrency traded near $81,300 at press time, more than 2% lower than the previous week.
First reported by CryptoSlate. This page is a short excerpt; the full text is theirs.
