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Live Markets: Bitcoin crashes to $62,000 as billions of longs get liquidated
Key takeaways
- Two other puts at strikes of $65,000 and $55,000 also saw notable volume.
- The overwhelming presence of put volume across multiple lower strikes indicates that a notable portion of options flow is betting on, or hedging against, bitcoin failing to sustain its current levels.
A put option offers insurance against price losses in the underlying asset.This shows that even as bitcoin hovers well above the strike, suggesting traders are either positioning for a significant correction or securing cheap insurance against tail-risk events in the coming weeks.The rest of the leaderboard reinforced a distinctly bearish tilt. Two other puts at strikes of $65,000 and $55,000 also saw notable volume. The only call to crack the top five was the $80,000.
The overwhelming presence of put volume across multiple lower strikes indicates that a notable portion of options flow is betting on, or hedging against, bitcoin failing to sustain its current levels.
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