Bitcoin The merchants continue to look at the downward volatility, covering their bullish exposure despite the recent positive signals, such as the federal reserve rates, he told COINDESK, the CEO of Crypto derivations Exchange Deribit Deribit, Luuk Strijers.
Earlier this week, the United States Fed reduced interest rates at 25 basic points and pointed out 50 additional basic points of expected relief by the end of the year. The Bag and Securities Commission (SECOND) It presented a new generic listing standard for cryptographic ETFs, which is established to accelerate the approval process.
Meanwhile, the DVOL DVOL INDEX, which measures the implicit volatility of 30 days, remains under 24%, the lowest in two years.
Historically, the bullish feeling is strong in such situations, causing purchase options, bets on BTC price increases, to be more expensive than sales options, which provide insurance against prices decreases. However, in Delibit, sales options continue to operate with a premium in all deadlines.
“Bias in all time frames remains flat to negative,” Strijers explained. “We continue to see the demand for positions to exposure to coverage disadvantage, while the overwhelming flows of calls are pressing the upper part.” Delibit is the exchange of larger cryptographic options in the world, which represents more than 80% of the global activity.
The bias options measure the implicit volatility difference between the call and sale options for a given expiration. A negative bias indicates a bearish feeling, and investors expect a price drop; A positive bias reflects bullish expectations.
Currently, the seven, 30, 60 and 90 days of inclination are slightly negative, with the 180 -day neutral bias, according to the Amberdata data source.
This indicates persistent concerns about a possible BTC correction.
Investors who buy puts may be concerned that the flexibility of the Fed would have already been done in the market before the decision and that a deteriorated economic perspective could reduce the demand for more risky assets, such as Bitcoin.
“After the decision of the Federal Reserve, part of the previous optimism has vanished. The market now seems to be waiting for the next catalyst, whether macro or cryptographic, specific, to break the stagnation and thrust option of its current balance between caution and optimism,” Strijers said.
Sidrah Fariq, global head of retail sales and business development in Deribit, said that persistent Put bias represents the expiration of the market.
“In a sense, BTC options behave more as S&P index options, an expiration sign, but also market caution,” Fariq said.
In addition, merchants who write calls, who sell purchase options against their spot holdings to collect the premium, which may be contributing to Put’s bias, particularly in longer date options. This strategy generates additional income but can limit the upward potential.
The so -called cover has become a popular strategy among merchants of BTC, ETH and XRP in recent years.
