Analyzing with AI…
Coverage is mostly measured — 6 of 6 reports stay neutral.
Derive.xyz, an on‑chain options platform, shows traders positioning for downside risk in Bitcoin, with over 70% of recent trading volume in put options and about 20% of total BTC options open interest concentrated in July 11 puts at $85,000, $100,000 and $106,000. In contrast, traders on Derive are bullish on Ether, with roughly 30% of open interest in $2,900 calls and another 10% in $3,200 calls, a stance linked to expectations around the ETHCC event in Cannes. These patterns differ from activity on the centralized options exchange Deribit, where traders have been reducing put exposure and increasing call buying as Bitcoin prices rose.
Over 70% of Derive's recent options trading volume was in Bitcoin put contracts, indicating a defensive posture.
Around 20% of Derive's total Bitcoin options open interest was in July 11 puts with strikes of $85K‑$106K.
Derive's Ether options open interest shows a bullish tilt, with about 40% in calls near $2,900‑$3,200 strikes.
Derive's trader sentiment contrasts with Deribit, where Bitcoin put positions have been trimmed as prices rose.
The Bitcoin put activity is attributed to potential macro uncertainty or profit‑taking after recent price gains.
A high proportion of put options—over 70% of recent volume—suggests traders are bearish or hedging against a potential decline in Bitcoin price.
Ether options on Derive are predominantly calls, with about 40% of open interest in $2,900‑$3,200 strikes, indicating bullish expectations.
The July 11 expiry puts at $85,000, $100,000 and $106,000 account for roughly 20% of Derive's total Bitcoin options open interest.
Traders cite the upcoming ETHCC conference in Cannes as a catalyst that could drive upward momentum for Ether.
Derive shows a bearish tilt for Bitcoin with heavy put usage, while Deribit has seen traders reduce put positions and increase call buying as Bitcoin prices rose.
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