The positioning of bitcoin options is in line with previous halvings, with the market skewing bullish and pricing calls at higher levels versus puts for the end-of-June 2024 expiry, an analyst said.
The Deribit CEO doubled down on his affirmation that "the market has not turned bearish." He pointed to bitcoin's sensitivity to the macroeconomic environment, which could create short-term downside pressure. He conceded that the current bitcoin trading range has reduced some of the earlier upside excitement in the derivatives market. However, he added that the basis yield is still positive and "higher than we have seen for quite some time."According to Bifinex analysts, the shift towards selling these high strike price calls indicates that earlier bullish sentiment may be waning.
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