Bitcoin options traders load up on $50,000 puts and gold futures flash a death cross
Bitcoin options flows and a record gold OI suggest traders are bracing for further downside rather than a sustained recovery.
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Summary
- Bitcoin dipped to $57,700, its lowest since September 2024, before recovering to $58,800, with $395 million in liquidations recorded and bears remaining the more aggressive side despite open interest climbing to 768,000 BTC.
- Puts are trading at a premium to calls across all timeframes on Deribit, with a notable block trade targeting a $50,000 BTC put at the September expiry suggesting some traders expect a further 15% decline by end of Q3.
- Jupiter (JUP) rose 11.5% on a 55% surge in trading volume and a jump in TVL from 13.9 million to over 20 million SOL, while stellar (XLM) extended its weekly rally to 16%, keeping CoinMarketCap’s altcoin season index sticky at 48/100.
