As Bitcoin prices continued to slide, the options market presented a peculiar scenario with a notable absence of put options being traded.
According to data from Greekslive, the majority of trades yesterday were calls, indicating a bullish sentiment prevailing in the market.
The situation was particularly striking in the Ethereum options market, where call option trades constituted a staggering 90% of the total trades—a level of extreme share rarely witnessed.
Bitcoin continues to fall, driving the crypto market down significantly, with panic spreading across the market and futures premium levels falling.
However, in the options market, few puts were traded, and the main trades today were all calls. Especially in ETH, call option… pic.twitter.com/1tjb9Zvqeq— Greeks.live (@GreeksLive) April 2, 2024
These trades were characterized by their dispersed nature and did not involve block trades, suggesting fluctuations surrounding the halving event as a potential factor.
Bitcoin Whales Capitalize On This Slight Dip To Accumulate Ethereum
Meanwhile, reports from Lookonchain suggest that whales are capitalizing on the market dip to accumulate Ethereum.
Notable entities such as Fenbushi Capital and Galaxy Digital were observed withdrawing substantial amounts of ETH from Binance following the market downturn.
Both Fenbushi Capital and Galaxy Digital withdrew $ETH from #Binance after the market dropped.
Fenbushi Capital withdrew 5,207.4 $ETH($17.2M) from #Binance 11 hours ago.
Galaxy Digital withdrew 6,000 $ETH($19.8M) from #Binance 4 hours ago.
Address:https://t.co/wJDIeJ6o97… pic.twitter.com/gDQBKMIK96
— Lookonchain (@lookonchain) April 3, 2024
Fenbushi Capital withdrew 5,207.4 ETH ($17.2 million) approximately 11 hours ago, while Galaxy Digital withdrew 6,000 ETH ($19.8 million) around 4 hours ago.
Despite the bearish trend in Bitcoin, Ethereum is currently trading at $3317, indicating resilience in the face of market volatility.
As investors navigate the uncertain market conditions, the dynamics in the options market and the strategic moves of whales provide valuable insights into the evolving cryptocurrency landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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