BTC and ETH were higher in the past 24 hours. SOL and ADA outperformed, equities closed mixed. A so-called whale placed a large buy order for bearish put options tied to ether last week, raising alarm bells in the crypto community. _jocelynyang_ reports
"On ether, the trade that made the most talk was the purchase of puts $400 on June 2023 made on-screen with a resting bid of [50,000] contracts,"A put option gives the purchaser the right but not the obligation to sell the underlying asset at a predetermined price on or before a specific date. A put buyer is implicitly bearish on the market. A resting bid is an order whose price is away from the market and is yet to be executed.The purchaser paid a premium of 0.
Call and put option buyers pay a premium to sellers as compensation for offering protection against the bullish or bearish move . The premium is the maximum a buyer can lose if the market goes against their position. The profit potential is unlimited because, in theory, the market could see extreme bull runs or drop to zero.might be an outright bearish bet aimed at profiting from a potential price crash. But it might also be a hedge taken against a bullish spot or futures market exposure in ether or other alternative cryptocurrencies. Most cryptocurrencies move in tandem with market leaders, bitcoin and ether.
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