Bitcoin (BTC) investors are positioning against a price decline to the $85,0.000 to $106,000 range through a high concentration of put options on the decentralized derivatives platform Derive.
Despite the strong rally recently seen in the Bitcoin price, a significant portion of investors maintain a short-term bearish outlook. According to data from the decentralized derivatives platform Derive.xyz, investors are taking precautions against the possibility that the BTC price could fluctuate downwards in the next few weeks.
While the total open interest value of BTC options on the platform exceeds $54 million, approximately 20% of this amount is concentrated in put options with a July 11 expiry, at strike prices of $85,000, $100,000, and $106,000. Over the last 24 hours, 70% of investors have shifted towards put options, displaying a distinctly defensive stance.
Divergence between Centralized and Decentralized Platforms!
Interestingly, this bearish sentiment on the decentralized platform Derive contradicts the activity observed on the centralized platform giant, Deribit. On Deribit, investors have been abandoning put options at and below the $100,000 level, while shifting towards call options in the $108,000 to $115,000 range.
According to experts, the bearish positions on the decentralized platform are linked to macroeconomic uncertainties in the market and expectations of profit-taking following the strong rally in recent weeks.
Ethereum (ETH) investors, on the other hand, appear more optimistic. On Derive, 30% of ETH options are concentrated at the $2,900 level, with investors anticipating that the price will rise on news from the upcoming ETHCC event in Cannes.
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