Citing Bitcoinist, Bitcoin's price fell below the $100,000 psychological support level, triggering a reaction in the BTC options market. Blockchain analytics firm Glassnode reported that traders have been accumulating put options as a hedge against bearish risk. The ATM implied volatility has risen to 51% for the 1-week period, while the 25-delta skew shows strong bearish sentiment, with 1-week and 1-month skews at 12.4% and 10% respectively. Recent taker flow data indicates that 38.8% of the past 24-hour trades were put buys. Traders are now focusing on $95,000 puts, which have seen heavy demand despite Bitcoin currently trading above that level. As of the report, Bitcoin was at $96,311, down 3.86% in the last 24 hours.
Bitcoin Options Market Reacts to Price Drop Below $100k as Traders Hedge Against Further Losses
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