Recently, Bitcoin’s options markets have shifted notably, with investor sentiment moving distinctly in the direction of something un-Bitcoin-like: wanting to buy a little more insurance against the possibility of price declines. This tide shift is expressed in the way the Volatility Smile—imagine it as a sort of hill or ridge—now favors puts over calls, which is to say, in a way that prices them more attractively vis-à-vis the strike price of the option in question. Volatility Smile and Delta Skew Point to a Risk-Averse Market One of the key indicators of this risk-averse positioning is the Volatility Smile. In simple
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