Bitcoin price searches for firmer footing, and BTC options market data hints that it's nowhere to be found.
Data shows bulls were excessively optimistic on Bitcoin price
This crude estimate disregards more complex investment strategies. For instance, a trader could have sold a call option, effectively gaining negative exposure to Bitcoin above a specific price. Unfortunately, there’s no easy way to estimate this effect.100 calls vs. 15,100 puts. The net result favors the put instruments by $380 million.1,400 calls vs. 11,000 puts. The net result favors the put instruments by $250 million.4,000 calls vs. 8,400 puts.
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