—8h ago
BTC Holds $70K but $20K Puts Signal Tail Risk
Bitcoin is holding near $70,000 despite rising oil prices and bond market stress, but nearly $800 million in open interest at the $20,000 put strike on Deribit signals that some traders are positioning for extreme downside. Most of that positioning reflects short puts rather than directional bearish bets, though the macro backdrop — including a MOVE Index surge to 76 — warrants caution for leveraged perp traders. Declining excess leverage in BTC markets offers a constructive near-term signal, but clarity on macro catalysts remains essential before positioning aggressively.
optionsderivativesmacro