Caught between Bitcoin put/call options? Let this be your guide

, the largest cryptocurrency has been in recovery mode for quite some time now. On CoinMarketCap, BTC jumped briefly above the $25k on 14 August before settling onto the $24.9k mark at press time.

Evidently, the spot market showcased a relief sign. However, activity on BTC options suggested otherwise.The Bitcoin open interest had been on a recovery trend since the 4 December crash. Mostly, this has been the result of various recoveries that Bitcoin attempted to make. Alas, the recovery seems to have taken a major turn for the worse.

As per The Block’s data dashboard, the open interest of Bitcoin options has been slumping for months, currently sitting around $5.5 billion.On 10 November 2021, the aggregate Bitcoin futures open interest stood at $26.73 billion as BTC traded at $68,766. Since then, Bitcoin futures open interest has slid by more than 60% lower as per statistics recorded at press time.

With liquidations rising in recent times and open interest plummeting, the data sets showcased negative sentiment on the part of traders as even open interest has had a hard time maintaining a simple course either upwards or downwards. Here’s another catalyst that reiterated the same stance. The put/call ratio for Bitcoin options reached yearly highs and stood at 2.32 on 14 August.Herein, the put/call ratio measured the amount of put buying relative to calls. Notably, a high put/call ratio indicated that investors speculated whether Bitcoin would continue to sell off.

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