This Friday, options worth $8.5 billion in Bitcoin and $1.3 billion in Ethereum will expire on the crypto derivatives exchange Deribit. Data shows the put-to-call ratio is around 0.56, indicating a bullish bias in the market positioning.
Bullish Outlook Prevails Amid Modest Gains
While bullish bets dominate, Bitcoin's gains this month have been limited to around 2%. Market focus has shifted to the upcoming Federal Reserve meeting, where signals of further liquidity easing could provide support for risk assets including Bitcoin.
Traders Positioning for Potential Volatility
Notably, some traders are already hedging against possible volatility ahead of the Fed meeting. There's growing interest in Bitcoin put options with strike prices at $88,000 and $85,000. Analysts note that such positioning often involves put diagonal calendar spreads, aimed at preparing for potential market swings triggered by macroeconomic events.