Bitcoin's price has dropped to $62,000, stirring concerns in the cryptocurrency market and driving interest in protective options against further declines below $50,000.
On Deribit, the busiest crypto options exchange, the $50,000 strike put option expiring on June 26 has emerged as the most traded. This option offers a safeguard against potential losses in bitcoin's value.
Traders appear to be preparing for a possible downturn, as reflected in the increased activity for put options at $65,000 and $55,000 strike prices, suggesting a bearish sentiment despite bitcoin currently trading above these levels. The only notable call option in the top trades is the $80,000 strike, highlighting a cautious market outlook.
