Bitcoin is falling a day after the options market saw increased demand for out-of-the-money or lower strike put options at $22,000 and $20,000. The leading cryptocurrency was trading at a three-week low of $30,700 at press time, representing a 3.5% drop on the day. The decline has flipped the crucial 50-week simple moving average (SMA) support of $32,250 into resistance.
On Sunday, 500 contracts of the $22,000 put option expiring on Dec. 31 changed hands via the institution-focused over-the-counter (OTC) desk Paradigm. Similar volume crossed the tape for the $20,000 put expiring on Dec. 31.
Market makers are always on the opposite side of traders/investors and run a direction-neutral portfolio. That essentially means buyers of the $20,000 and $22,000 puts expiring on Dec. 31 were investors, most likely adding downside hedges against long positions in the spot/futures market. A put option gives the purchaser the right but not the obligation to buy the underlying asset at a predetermined price on or before a specific date. A put buyer is implicitly bearish on the underlying asset, in this case, bitcoin.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
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Bitcoin predictions | 95.6% | 2 | $26 889.42 | 1.99% | 1.21% | $524 310 325 162 | ||
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Ethereum predictions | 90.8% | 5 | $1 650.74 | 2.84% | 3.91% | $198 478 152 971 | ||
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Tether predictions | 93.6% | 1 | $0.999955 | 0.08% | 0% | $83 272 842 471 | ||
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Binance Coin predictions | 92% | 4 | $214.70 | 1.20% | 1.50% | $33 030 424 118 | ||
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XRP predictions | 88.4% | 9 | $0.510427 | 2.17% | 0.06% | $27 212 086 699 | ||
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USD Coin predictions | 93.2% | 1 | $1.000039 | 0% | 0.01% | $25 590 467 629 | ||
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Lido stETH predictions | 95.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
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Wrapped TRON predictions | 84.4% | 24 | $0.088655 | 3.98% | 6.67% | $9 014 096 765 | ||
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Cardano predictions | 92.4% | 6 | $0.250264 | 2.34% | 2.20% | $8 791 380 177 | ||
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Dogecoin predictions | 93.6% | 5 | $0.061430 | 1.36% | -0.17% | $8 673 848 320 | ||
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Solana predictions | 87.2% | 20 | $20.19 | 4.78% | 3.31% | $8 336 099 498 | ||
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TRON predictions | 87.2% | 22 | $0.087251 | 2.02% | 4.97% | $7 772 636 407 | ||
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Toncoin predictions | 59.2% | 84 | $2.21 | 3.04% | -4.14% | $7 584 120 041 | ||
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Dai predictions | 93.2% | 1 | $0.999735 | -0.01% | 0.01% | $5 346 471 546 | ||
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Polkadot predictions | 88.4% | 7 | $4.07 | 1.85% | 1.21% | $5 003 217 488 |
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