A significant bitcoin (BTC) options trade was executed on Deribit as the first quarter came to a close on Monday, signaling a bearish outlook from the trader responsible for the transaction.
This block trade involved the purchase of 1,180 contracts of the $70,000 put option expiring on April 25, with a premium exceeding $1 million, according to data from Amberdata. A put option provides the buyer with the right, but not the obligation, to sell the underlying asset at a predetermined price on a future date. By purchasing a put option, the trader is essentially betting on a price drop below $70,000 from the current level of $84,000.
Block trades are large transactions negotiated privately outside the public market, typically conducted by institutions to prevent disrupting the market rate. Alongside this trade, other notable options transactions included a put ratio spread, consisting of long positions in the $75,000 strike put and double short positions in the $70,000 put; as well as a risk reversal, which involved a long position in the $90,000 call and a short position in the $70,000 put, as highlighted by Pelion Capital founder Tony Stewart.
The bearish sentiment observed in the $70,000 put options trade follows previous purchases of put options expiring in the $78,000 to $85,000 range last week, as well as increased demand for the $76,000 put option expiring on April 25. Overall, BTC puts are trading at a premium compared to calls, indicating a prevailing downside sentiment leading up to the end of May, as evidenced by the negative values in risk reversals.
The preference for put options offering protection against downside risks likely reflects investor concerns surrounding an expected announcement of reciprocal tariffs by President Donald Trump on Wednesday. Any aggressive measures could potentially impact risk assets, including cryptocurrencies.
In conclusion, the recent options trading activity on Deribit suggests a cautious approach by traders, with a notable interest in downside protection strategies amid ongoing market uncertainties. The Benefits of Adopting a Pet
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