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Bitcoin tops $66K as options skew shows expensive downside hedges
One-month put options cost far more than calls, and VanEck ChainCheck says the put-call skew widened to 11.4 points over the past month.
Bitcoin climbed back from its June 30 low near $58,500 and was trading near $66,000 as of press time, according to CryptoSlate.
Options traders are still paying steep premiums for downside protection, while call demand remains comparatively lower. CryptoSlate reports that one-month put options on Bitcoin now cost far more than equivalent call options, a pattern reflected in VanEck's ChainCheck skew reading widening from 9.8 percentage points to 11.4 over the past month.
CryptoSlate also cites volatility levels, with one-month call volatility near 35.5% and put volatility at 46.9%, indicating traders are pricing downside risk separately from broader expected volatility. VanEck’s historical bands place readings between 10 and 15 points, where Bitcoin sits now, alongside a median 30-day return of 1.4% and negative 90-day and 365-day outcomes.
On perpetual futures, CryptoSlate says funding turned positive again this month after running negative through most of spring, with a 30-day annualized rate near 4.5%. The outlet adds that leveraged long demand has returned, though still lighter than the crowding seen before past selloffs, leaving traders who bought during the last stretch of negative funding around 20% underwater as of VanEck’s July data cutoff.
Latest closeBitcoin $65,829.95 ▼1.0%