Spot bitcoin ETFs attract $754 million in early August, but options traders hedge against a drop to $62,000-$63,000 ahead of U.S. jobs data.
Spot bitcoin exchange-traded funds recorded $754 million in inflows during the first week of August, yet the cryptocurrency remains flat at $64,700. The steady price masks underlying caution as derivatives traders increase protection against a pullback to $62,000 or $63,000 levels.
Options data shows 53.8% of bitcoin options volume over the past 24 hours consisted of put options, with the most-traded contracts targeting $62,000 and $63,000 expiries between August 10 and 28. Despite this, calls still dominate 60.7% of total open interest, indicating a mixed outlook.
Implied volatility has collapsed, with Deribit’s DVOL index near 35, down from 90 earlier this year. Traders expect limited near-term movement, though upcoming U.S. macroeconomic data could test this stability.