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Bitcoin's options market is signalling a pronounced shift toward downside protection, with the put-call ratio rising to its highest level in a year.
Persistent outflows from Bitcoin exchange-traded funds are amplifying the bearish picture, even as lower oil prices remove one headwind that has weighed on risk assets globally.
Options Traders Load Up on Puts The put-call ratio tracks the relative volume of put options — contracts that profit when an asset falls — against call options, which benefit from price gains.
A ratio at a one-year high means demand for downside hedges has outpaced bullish bets by the widest margin in twelve months, a positioning shift that typically reflects either genuine conviction that prices will fall or a defensive scramble among holders seeking portfolio insurance.
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