Options market tied to bitcoin and ether shows renewed bias for puts as investors fear the ongoing FTX-Alameda drama and FTT slide may bring pain to wider crypto market. Reports godbole17
At 4:30 UTC, bitcoin traded 4.3% lower on the day at $19,700, while ether changed hands at $1,480, representing a 5.5% decline, CoinDesk data show.
Options data showed renewed demand for bearish put options tied to bitcoin and ether. The bearish shift in sentiment perhaps reflects investor fears that the ongoing FTX-Alameda drama may lead to Terra-like crypto collapse contagion. "We have seen renewed demand for downside protection after the the negative news flow related to FTT," Patrick Chu, director of institutional sales and trading at over-the-counter crypto derivatives tech platform Paradigm, told CoinDesk.
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