{"id":273887,"date":"2022-11-09T17:49:05","date_gmt":"2022-11-09T17:49:05","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=273887"},"modified":"2022-11-09T17:49:05","modified_gmt":"2022-11-09T17:49:05","slug":"bitcoin-options-traders-swing-bearish-as-ftx-fallout-takes-hold","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-options-traders-swing-bearish-as-ftx-fallout-takes-hold\/","title":{"rendered":"Bitcoin options traders swing bearish as FTX fallout takes hold"},"content":{"rendered":"<p>Recent days have seen increased market volatility as the FTX saga blows up.<\/p>\n<p>Binance's offer to buy FTX gives the beleaguered exchange a lifeline. However, as made clear by Binance CEO Changpeng Zhao (CZ,) the deal is subject to satisfactory <a href=\"https:\/\/cryptoslate.com\/double-dip-expected-as-flood-of-unlocked-solana-to-hit-the-market\/\">due diligence<\/a>.<\/p>\n<p>Crypto Twitter is awash with speculation that once FTX's books have been reviewed and cost-benefit analysis has been considered CZ will pull out of the deal.<\/p>\n<p>Meanwhile, analysis conducted with Glassnode data showed Bitcoin derivatives markets have responded accordingly.<\/p>\n<h2>Bitcoin Open Interest Put\/Call Ratio<\/h2>\n<p><span class=\"ILfuVd\" lang=\"en\"><span class=\"hgKElc\">A put is the right to sell an asset at a set price by a specified expiration date. Whereas a call refers to the right to buy an asset at a set price by a specified expiration date.<br \/>\n<\/span><\/span><\/p>\n<p>The Open Interest Put\/Call Ratio (OIPCR)is <span class=\"ILfuVd\" lang=\"en\"><span class=\"hgKElc\">calculated by dividing the total number of puts open interest by the total number of calls open interest on a particular day.<\/span><\/span><\/p>\n<p>Open interest is the number of contracts, either put or call, outstanding in the derivatives market, i.e. unsettled and open. It can be considered an indication of money flow.<\/p>\n<p>The chart below shows the OIPCR spiked higher as the FTX situation took hold. The swing towards buying puts suggests bearish market sentiment among options traders.<\/p>\n<p>Crucially, the OIPCR has not (yet) reached the extremes seen in June, during the Terra Luna collapse. Nonetheless, as a developing situation, there is scope for puts to extend further.<\/p>\n<figure id=\"attachment_273890\" aria-describedby=\"caption-attachment-273890\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-273890 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-open-interest-put-call-ratio-all-exchanges-5.png\" alt=\"Bitcoin Options put\/call ratio\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-open-interest-put-call-ratio-all-exchanges-5.png 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-open-interest-put-call-ratio-all-exchanges-5-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-open-interest-put-call-ratio-all-exchanges-5-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-open-interest-put-call-ratio-all-exchanges-5-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-open-interest-put-call-ratio-all-exchanges-5-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-273890\" class=\"wp-caption-text\">Source: Glassnode.com<\/figcaption><\/figure>\n<h2><strong>ATM Implied Volatility<\/strong><\/h2>\n<p>Implied Volatility (IV) gauges market sentiment toward the probability of changes in a particular asset\u2019s price \u2013 often used to price options contracts. IV usually increases during market downturns and decreases under bullish market conditions.<\/p>\n<p>It can be considered a proxy of market risk and is usually expressed in percentage terms over a particular time frame.<\/p>\n<p>IV follows expected price movements within one standard deviation over a year. The metric can be further supplemented by delineating IV for options contracts expiring in 1 week, 1 month, 3 months, and 6 months from the present.<\/p>\n<p>The chart below shows a sharp reversal from previous bullish lows, suggesting options traders are expecting an uptick in volatility ahead.<\/p>\n<figure id=\"attachment_273889\" aria-describedby=\"caption-attachment-273889\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-273889 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-atm-implied-volatility-deribit-3.png\" alt=\"Bitcoin ATM Implied Volatility\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-atm-implied-volatility-deribit-3.png 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-atm-implied-volatility-deribit-3-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-atm-implied-volatility-deribit-3-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-atm-implied-volatility-deribit-3-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-atm-implied-volatility-deribit-3-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-273889\" class=\"wp-caption-text\">Source: Glassnode.com<\/figcaption><\/figure>\n<h2>Options 25 Delta Skew<\/h2>\n<p>The Options 25 Delta Skew metric looks at the ratio of put-to-call options expressed in terms of Implied Volatility (IV).<\/p>\n<p>For options with a specific expiration date, this metric looks at puts with a delta of -25% and calls with a delta of +25%, netted off to arrive at a data point. In other words, this is a measure of the option\u2019s price sensitivity given a change in the spot Bitcoin price.<\/p>\n<p>The individual periods refer to option contracts expiring 1 week, 1 month, 3 months, and 6 months from now, respectively.<\/p>\n<p>The uptick in the 25 Delta Skew shows traders are scrambling for puts, marking a U-turn in sentiment confirmed by OIPCR data.<\/p>\n<figure id=\"attachment_273888\" aria-describedby=\"caption-attachment-273888\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-273888 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-25-delta-skew-all-deribit-5.png\" alt=\"Bitcoin Options 25\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-25-delta-skew-all-deribit-5.png 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-25-delta-skew-all-deribit-5-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-25-delta-skew-all-deribit-5-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-25-delta-skew-all-deribit-5-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/glassnode-studio_bitcoin-options-25-delta-skew-all-deribit-5-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-273888\" class=\"wp-caption-text\">Source: Glassnode.com<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Recent days have seen increased market volatility as the FTX saga blows up. Binance&#8217;s offer to buy FTX gives the beleaguered exchange a lifeline. However, as made clear by Binance CEO Changpeng Zhao (CZ,) the deal is subject to satisfactory due diligence. Crypto Twitter is awash with speculation that once FTX&#8217;s books have been reviewed [&hellip;]<\/p>\n","protected":false},"author":460,"featured_media":273980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77921],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin options traders swing bearish as FTX fallout takes hold<\/title>\n<meta name=\"description\" content=\"On-chain data shows options traders have flipped bearish and are bracing for volatility.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-options-traders-swing-bearish-as-ftx-fallout-takes-hold\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin options traders swing bearish as FTX fallout takes hold\" \/>\n<meta property=\"og:description\" content=\"On-chain data shows options traders have flipped bearish and are bracing for volatility.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-options-traders-swing-bearish-as-ftx-fallout-takes-hold\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-09T17:49:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/options-trading-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Samuel Wan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Samuel Wan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-options-traders-swing-bearish-as-ftx-fallout-takes-hold\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-options-traders-swing-bearish-as-ftx-fallout-takes-hold\/\"},\"author\":[{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/samuel-wan\/#person\",\"name\":\"Samuel Wan\",\"url\":\"https:\/\/cryptoslate.com\/author\/samuel-wan\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/samuel-wan\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/samuel-wan\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/samuel-wan-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/samuel-wan-author-300x300.jpg\",\"caption\":\"Samuel Wan\"},\"jobTitle\":\"Analyst\",\"description\":\"Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.\",\"worksFor\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"sameAs\":[\"https:\/\/x.com\/WanSamuel\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/james-van-straten\/#person\",\"name\":\"James Van Straten\",\"url\":\"https:\/\/cryptoslate.com\/author\/james-van-straten\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/james-van-straten\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/james-van-straten\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/07\/cryptoslate-james-van-straten-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/07\/cryptoslate-james-van-straten-300x300.jpg\",\"caption\":\"James Van Straten\"},\"jobTitle\":\"Former Lead Analyst\",\"description\":\"James fervently appreciates data, technology, and trend-spotting. 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