Bitcoin options trade shows more bets on retreat after failing to breach $100,000
The HinduInvestors in the world's largest cryptocurrency are anticipating a significant downward move after bitcoin failed to hit an all-time peak of $100,000, according to a crypto trading platform citing recent options activity. Nick Forster, founder of onchain options decentralised protocol Derive with total trade volume of $7.1 billion, said in emailed comments on Tuesday that the so-called call-put skew index for the upcoming December 27 bitcoin expiry showed a significant 30% drop in the last 24 hours, as market participants shifted toward more protective strategies. Derive data also showed higher odds of 45% of bitcoin hitting $100,000, from last week's 34%, with a new 4% probability of surpassing $150,000. Of long-term holders' supply moved since the bitcoin's bottom of $15,479 hit during the FTX collapse two years ago, 21% of it has happened in November, which is the "heaviest profit-taking we have seen so far this cycle," according to a post of _checkonchain.com on X.