Deribit data shows rising bearish bets on BTC, with put options expiring in July pricing a drop to $52,000 amid Fed rate hike expectations.
Options traders are increasing bets that Bitcoin will decline to $52,000 by late July, according to market data. BTC is currently trading at $62,500, down from $65,000 earlier this week and well below its October peak of $126,000.
Deribit reports heavy demand for near-term put options expiring between June 22 and July 31. These contracts price BTC at $60,000 in early July, falling to $55,000 by July 10, and reaching $52,000 by month-end. The shift follows the Federal Reserve’s signal of potential interest rate hikes in the second half of 2024, weighing on risk assets like cryptocurrencies.