Bitcoin's surge past $100,000 has led options traders to hedge against potential losses, with increased demand for put options. The highest open interest has been recorded for put options with strike prices of $95,000 and $100,000. There is also increased demand for lower strike prices, particularly for early 2025 expirations. However, the total open interest on puts remains lower than calls on the Bitcoin options exchange Deibiti. While leveraged bullish positions have also surged, the funding rate for perpetual futures contracts is nearing an all-time high, which historically has preceded market corrections. Bitcoin has already shown signs of softening, with a 3% dip in prices over the past hour. The Relative Strength Index (RSI) for Bitcoin has dropped to 53, indicating a neutral position and balanced market sentiment. Traders may interpret this as a pause in momentum and potential sideways movement.
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