10x Research: Bitcoin Options Prices at Five-Year Lows, Investors Remain Bullish While Actively Hedging Risk

Odaily News: 10x Research has stated that Bitcoin options prices have dropped to five-year lows, with near-month implied volatility at 33.5%, more than 4 percentage points below realized volatility, indicating that options are relatively cheaply priced.

Over the past week, Bitcoin options skew has declined by nearly 3 percentage points, with traders concentrated in buying October-expiry put options at strike prices of $78,000 and $80,000, with single block trades reaching as high as $204 million. 10x Research believes this indicates that investors on the whole still hold long positions while hedging downside risk through options, rather than fully turning bearish.

By contrast, the Ethereum options market is showing different signals. Its largest corporate buyer has indicated it will stop buying within weeks, options trading is dominated by call sellers, and implied volatility is higher than realized volatility.