The cryptocurrency market is in turmoil! Glassnode's latest data shows that on May 29, the open interest in Bitcoin options skyrocketed to $46.2 billion, an increase of 125% from a recent low, a scale large enough to buy the entire Argentine stock market! While retail investors are still battling it out in the futures market, institutions have quietly shifted to the options battlefield, and a hidden 'financial defense battle' is unfolding.
Three major signals hidden behind the data:
1. Wall Street-style 'insurance' is in high demand.
Bitcoin breaking through $70,000 has spread 'bull market anxiety,' and smart money is beginning to construct a safety net using options. Spending 1-5% of the position to buy put options is like taking out 'crash insurance' for holdings; this tactic is being adopted by 30% of professional traders as a 'strategic addon,' transforming from a single long position to a combined hedge, and the cryptocurrency market is becoming more like Wall Street.
2. A fierce battle between bulls and bears is imminent.
Historical experience shows that a surge in open interest often precedes a market explosion. Crypto analyst Lily warns: the June Federal Reserve meeting may become the trigger, and the massive positions currently in the options market resemble the 'financial ammunition' both bulls and bears have stored, ready to ignite severe volatility at any time.
3. The cryptocurrency market bids farewell to the wild west era.
This is not just a simple financial frenzy, but a rite of passage for a mature market. Just as the launch of Bitcoin futures by CME in 2017 marked the entry of institutions, the current explosion in the options market signifies the transition of the cryptocurrency space from 'amateur hour' to 'regular army.' As more and more investors start calculating Delta values and hedge ratios, this market is nurturing truly 'rational players.'
Interestingly, the current options market has seen institutional holdings quietly surpass 60%. What are they buying? Besides basic risk hedging, they are also laying out complex strategies such as inter-period arbitrage and volatility trading—these 'high-end plays,' once exclusive to traditional finance, are reshaping the cryptocurrency ecosystem.
While some are still lamenting their liquidations, smart capital has already learned to use options to 'clear mines.' This $46.2 billion options frenzy may very well be the starting point for the professionalization of the cryptocurrency market—next time we discuss cryptocurrency investments, perhaps we should first ask: have you configured your holding 'insurance'?
This rewrite retains the core data and trends while using more vivid metaphors and structured expressions to highlight the deeper significance of the options market explosion. If you have any other thoughts on the emphasis of the content or language style, feel free to let me know.

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