As the first quarter approached its end on Monday, a big Bitcoin (BTC) option crossed the tapes of Delibit, revealing bearish sentiment from the traders behind the move.
The so-called block trade carried more than $1 million premiums against 1,180 contracts for $70,000 put options, which expires on April 25th, according to data tracked by Amberdata.
Put options grant the buyer the right, but not an obligation, to sell the underlying assets at a given price at a later date. In this case, put buyers are essentially bearish in the market, expecting prices to fall below $70,000 from the current $84,000.
Block trade is a large, personal negotiated transaction generally carried out by an institution outside the open market, ensuring that it does not affect the driving market rate.
Other notable transactions include a Put ratio spread, including a long position with a strike put of $75,000 and a double short position with a put of $70,000. It also includes a reversal of risk and a long position on a $90,000 call and a short position on a $70,000 put, as pointed out by Tony Stewart, the founder of Perion's capital.
Purchases of put options, which expire on April 4th, ranged from April 4th, and increased demand last week to expire on April 25th, with $76,000 put options.
BTC Puts trades at Call's premium, indicating the drawbacks to end-May satisfaction, as evident from the negative value in the reversal of risk.
Puts' bias, which offers downside protection, could reflect investors' unease surrounding President Donald Trump's expected mutual tariff announcement on Wednesday. A positive move allows you to weigh risk assets, including cryptocurrencies.
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