ChainCatcher news, according to The Block, after a strong surge last month in Bitcoin, Ethereum, and other mainstream cryptocurrencies, the recent performance of cryptocurrency prices has been lackluster, which seems to have prompted some market participants to turn to a bearish position.
Cryptocurrency options platform Derive stated that its options positions expiring on August 29 have clearly leaned towards put options for Bitcoin and Ethereum, indicating that traders are hedging against a price drop before the end of the month.
Derive's research director Sean Dawson stated that the number of Ethereum put options expiring on August 29 has surpassed call options by more than 10%, with the highest interest focused on strike prices of $3200, $3000, and $2200.
The analyst noted that this position is consistent with expectations of 'any scenario from a mild correction to a deeper adjustment.' The bearish sentiment for Bitcoin is more pronounced. The open interest for Bitcoin put options expiring on August 29 is nearly five times that of call options, with about half concentrated at a $95,000 strike price and another quarter at $80,000 and $100,000 strike prices. The analyst pointed out that this distribution shows that traders are 'making a big bet that Bitcoin will fall below $100,000.'
