Bitcoin's drop below $45,000 on April 6 took bulls by surprise because only 8% of the call (buy) option bets for April 8 have been placed below this price level.
Bulls might have been fooled by the recent attempt to overtake $48,000 on March 29 and this is shown in their bets for April 8's $610 million options expiry that go all the way to $65,000.
Honestly, maybe that’s their whole plan. To try to play cat and mouse with the bulls going for the options on top.
I’m a little alarmed but not too much. I’ll keep my eyes on the market but I think for the meantime I’ll try to stay outside as much as I can as to not get involved in this tug-of-war. I think it’s best I use my profits to buy actual things with Binance Pay or even Exeno too as there’s not much else we can do in this kind of market.
Let’s wait it out and see where this goes and hopefully it doesn’t turn out too bad for the rest of us.
• Between $42,000 and $44,000: 250 calls vs. 3,650 puts. The net result favors the put (bear) instruments by $145 million. • Between $44,000 and $45,000: 550 calls vs. 2,800 puts. The net result favors bears by $100 million. • Between $45,000 and $46,000: 700 calls vs. 2,150 puts. The net result benefits put (bear) options by $60 million. • Between $46,000 and $47,000: 1,800 calls vs. 1,500 puts. The net result is balanced between call (buy) and put (sell) instruments.
These are some things to keep an eye on.
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