Bitcoin $60,000 put leads the pack as mood swings bearish for August
Bitcoin options traders are shifting their positions toward bearish bets as the $60,000 put option becomes the most popular contract on the Deribit exchange. This change in market sentiment follows a period of failed bullish expectations and historical seasonal trends that suggest potential price declines in August.
As July ends, the options market is reflecting a major shift in positioning. The $60,000 bitcoin BTC $ 63,783.37 put option, a position protecting against a price drop, is now the most popular bet on Deribit, the world’s largest crypto options exchange. As of this writing, that put had a notional open interest of $1.17 billion.
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