) price action exhibits significant corrections, analysts and traders are quick to search for a reason, often pointing fingers at derivatives markets where bears allegedly exploit futures contractSuch talk has been on the decline recently, thanks to Bitcoin’s range-bound price action, but now that murmurs of a trend reversal have come back, let’s take a look at how whales are positioned using Bitcoin derivatives markets.
From a top-down perspective, the $1.35 billion options open interest seems substantial enough to justify the effort from Bitcoin bears. However, a more detailed analysis reveals a different scenario. Deribit holds an 84% market share for the May 10 options expiry, so data will primarily be extracted from that exchange.
There is no indication that Bitcoin bears placed additional bets using BTC options to profit from a price crash ahead of the May 10 expiry. There was no unusual demand between put and call instruments, and there is no specific price level that greatly benefits bears. Whatever strategies were employed, the result is an apparent balanced impact at $62,000, suggesting no price surprises are expected.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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