Bitcoin Traders Buy Put Options to Hedge Against Potential Price Drop
• Bitcoin rose above $59,000, a 40% increase over the past 4 weeks • Some traders are buying bitcoin put options to protect against a potential price drop • Put options give traders the right to sell bitcoin at a predetermined price if the price falls • Trading platform Greeks.Live said large spot bitcoin holders are buying puts to hedge profits • Buying put options to hedge spot positions rarely occurs and signals the bitcoin bull market may soon peak