Bitcoin DEX Traders Position for Downside Volatility With $85K-$106K Puts, Derive Data Show
Bitcoin (BTC) options data from the decentralized platform Derive.xyz reveals a bearish outlook among traders for the coming weeks. A significant portion of open interest—20%, or over $54 million—is concentrated in put options expiring July 11th, with strike prices at $85,000, $100,000, and $106,000. This suggests traders are hedging against potential downside risk, anticipating factors such as macroeconomic uncertainty or profit-taking after recent price gains. Put options grant the holder the right to sell BTC at a predetermined price, reflecting a bearish market sentiment. The high volume of put option trading—over 70% of the past 24 hours—further emphasizes this defensive posture among BTC traders.
This bearish sentiment on Derive.xyz contrasts with activity on the centralized exchange Deribit. There, traders have offloaded put options with strike prices at or below $100,000, simultaneously purchasing call options (bets on price increases) at higher strike prices ($108,000-$115,000). Deribit attributes this shift to a calmer market environment and the upcoming July 4th holiday in the US, facilitating increased dealer inventory sales.
In contrast to the BTC market’s bearish leanings, Derive.xyz data shows a bullish outlook for Ethereum (ETH). Approximately 30% of open interest is concentrated in call options with a $2,900 strike price, with an additional 10% at the $3,200 strike price. This bullish positioning is linked to the upcoming ETHCC conference in Cannes, an event often associated with significant product announcements and ecosystem developments. Traders are evidently anticipating positive catalysts that could propel ETH’s price upward. The divergence in sentiment between BTC and ETH highlights the unique market dynamics and expectations surrounding each cryptocurrency.
