Bitcoin traded around $62,026.55 as options markets showed put option premiums for both Bitcoin and Ether on Deribit, with puts trading at a premium to calls across short- and longer-dated tenors. The concentration of put premiums and the observed options activity indicate that demand for downside protection persists. U.S. markets are closed for the Independence Day holiday, and liquidity is likely to be thin over the extended weekend, which may lead to more erratic moves.
On Deribit, Bitcoin and Ether put options were trading at a premium to calls across both short- and longer-dated tenors, with the options surface showing higher relative pricing on downside contracts than on upside contracts. The one-week Bitcoin put-call skew was reported at around 16%, and put premiums were roughly 10% or more for the one-, three- and six-month skews on Bitcoin.
Ether put premiums were described as similar across comparable tenors, reflecting analogous premium structures on ETH option series. These reported metrics — the near-16% one-week BTC skew and multi-month put premiums at or above the 10% level for BTC alongside comparable ETH put premiums — were presented as indicators of continued demand for downside protection.
The article described a Bitcoin long call condor that expires on July 17 and comprises four call options with strike prices set at $64,000, $66,000, $68,000 and $70,000, with the long positions at $64,000 and $70,000 and the short positions at $66,000 and $68,000. By design of the reported strikes, the two short calls are positioned between the two long calls and the structure was specified in those exact strikes and quantities.
The piece stated the strategy makes the most money if, on July 17 at expiry, Bitcoin trades between $66,000 and $68,000, identifying that range as the profit scenario for the condor. The report also noted that Bitcoin’s observed price levels and concurrent options activity were presented as evidence of persistent demand for downside protection in the market.
Those market sentiment observations were included alongside the detailed description of the long call condor and its stated expiry and strike configuration.
The ETH/BTC ratio was described as rising toward its 100-day simple moving average (SMA), with the report noting repeated selling pressure when the ratio has approached that SMA since December.
The account specified that rallies in ETH/BTC since December have tended to encounter selling around the 100-day SMA, identifying that level as a persistent area of supply during those moves.
Those technical observations on the ratio and the recurring selling around the 100-day SMA were presented as distinct factors affecting ETH/BTC movements in recent sessions.
The piece included these technical points without adding additional market interpretation.
The coverage documented that demand for downside protection in Bitcoin and Ether options persists, citing BTC and ETH put options trading at a premium to calls and ongoing options activity. Notable technical metrics reported included a one-week Bitcoin put-call skew around 16% and put premiums of roughly 10% or more across the one-, three- and six-month skews, with Ether put premiums described as similar.
The report also detailed a Bitcoin long call condor expiring July 17 with long 64,000 and 70,000 calls and short 66,000 and 68,000 calls alongside notes on liquidity thinning over the Independence Day weekend.
