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Cryptocurrency News Articles
Options Traders Brace for Volatility as BNB Nears Record High
Jun 04, 2024 at 11:40 pm
In anticipation of volatility, a number in the market are purchasing puts with with strikes in the $550-$650 range.
Options traders are preparing for volatility as BNB approaches an all-time high.
According to PowerTrade, over 11,250 BNB options were traded on Sunday.
The call strikes ranged from $600 to $700, while the put strikes were between $650 and $550.
"Traders are expecting a lot of volatility as prices are pushing towards 2024 highs," Bernd Sischka, PowerTrade's chief commercial officer, told CoinDesk.
Options are a derivative contract that gives the buyer the right to either buy or sell an asset at a set price before the contract expires. Buying call options is seen as a bullish bet, while the inverse is true for buying put options.
Of the $7.5 million worth of open interest on the BNB options, many of the puts will expire worthless if BNB continues to rise or stays at its current level.
CoinDesk?
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