Bearish sentiment is gripping the bitcoin market and powering the put-call ratio to the highest since July. reports godbole17.
Bitcoin's put-call ratio signals increased demand for downside protection.
The cryptocurrency's put-call open interest ratio, which measures the number of open positions in put options relative to those in calls, rose to a six-month high of 0.62 on Sunday, according to data provided by Skew. The ratio was 0.42 earlier this month. Traders execute a bearish risk reversal strategy by purchasing puts with lower strike prices and selling higher-strike calls when anticipating a price drop.
Given the depth of bitcoin's drop from its Nov. 10 record near $69,000 – it was trading recently about 2.6% down on the day at $36,900 – increased buying of puts is hardly surprising. It might, however, indicate an excess of fear., meaning a sudden surge in the metric is taken to represent the extreme bearish sentiment that's often seen at the end of bear runs.
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