TechFlow news, Deribit's Chief Commercial Officer Luuk Strijers said traders are seeking to hedge against potential downside risks in BTC prices.
"Put options are heavily bought while call options are sold off, indicating the market is looking for protection against a potential price drop," Luuk Strijers said in an interview.
According to Amberdata, the one-month BTC call-put skew turned negative over the past 24 hours, dropping to -2.69%, the lowest level since October 13 last year. The one-week, two-week, and three-month skews have also turned negative, signaling renewed demand for hedging against Bitcoin weakness. Skew measures the difference in demand between call and put options.
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