Bitcoin Option Traders Hedge Against Downside Risk as Price Dips to Near $32K
Amid another price downturn Thursday, bitcoin options traders appear to be becoming less bullish on the immediate prospects for the cryptocurrency.
The one-week put-call skew, which measures the spread between prices of short-term puts and calls, has risen to a five-week high of 14%. The skew had bottomed out near an extremely bullish -33% just a week ago, according to data source Skew.
One-, three-, and six-month skews have also climbed from recent lows, but are still in bullish territory. The shift…