The temperature is rising in the crypto derivatives market as November closes, driven by a massive increase in futures trading volume on Binance. Bitcoin, Ethereum, Solana, and other major altcoins surged, leading analysts to suggest that traders are positioning for a “much larger move,” indicating that the calm phase has ended and volatility is back.
On the other hand, the Bitcoin options market on Deribit shows a clear defensive bias. There was a sudden disappearance of a large entity selling call options, which typically suppressed volatility. Concurrently, the purchase of put options has intensified downside protection, with significant concentrations in the $102,000 to $90,000 ranges, and even speculative positioning down to $20,000. This reflects growing caution among funds seeking to protect their assets under management.
The combination of active futures and defensive options suggests that the crypto derivatives market is preparing for a significant event. Analysts like The Flow Horse emphasize that the crypto options market is often led by sophisticated players, making their flow analysis crucial for forecasting market direction. The strong bearish protection indicates that these more experienced investors remain cautious, with the expectation that the next chapter for cryptocurrencies will bring an expansion of volatility.
Source: https://x.com/CryptosR_Us/status/1992678293191975318
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