Bitcoin options traders load up on $50,000 puts and gold futures flash a death cross
CoinDesk 2026-07-01 10:47:34
Context: Bitcoin options traders are loading up on $50,000 puts, indicating a bearish outlook, while gold futures have flashed a death cross, suggesting a potential downturn. The cryptocurrency market has been experiencing a decline, with Bitcoin dipping to $57,700, its lowest point since September 2024, before recovering to $58,800. This downturn has led to $395 million in liquidations, with bears remaining the more aggressive side despite open interest climbing to 768,000 BTC.
Key Facts
- Bitcoin price dipped to $57,700, its lowest point since September 2024, before recovering to $58,800, with $395 million in liquidations recorded.
- Puts are trading at a premium to calls across all timeframes on Deribit, with a notable block trade targeting a $50,000 BTC put at the September expiry suggesting some traders expect a further 15% decline by end of Q3.
- Open interest in Bitcoin options has climbed to 768,000 BTC, indicating a high level of market activity and potential for further price movements.
- Jupiter (JUP) rose 11.5% on a 55% surge in trading volume and a jump in TVL from 13.9 million to over 20 million SOL, while stellar (XLM) extended its weekly rally to 16%.
- U.S. equity index futures are lower since midnight UTC, with S&P 500 futures and Nasdaq 100 futures in the red by 0.2%-0.4%, indicating a broader market downturn.