$IOTA
Trending UpSnapshot Window: 2026-07-13 16:00 UTC · ← Back to Crypto Overview
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institutional puts and retail perps are telling two different stories right now I trade crypto perps on the side, mostly to hedge my spot bag and occasionally catch a clean setup. The thing that has been bugging me lately is how the option market and the perp market are reading the same BTC chart in completely opposite ways. Option open interest across the whole market is sitting somewhere in the mid 30s in terms of billion notional. The number itself does not tell you much, the skew does. CME put positioning has been heavier than calls since November, and a big chunk of the outstanding calls are struck above 72k, which means they are deep out of the money with spot grinding around the low 60s. So the call side is basically dead weight and the put side keeps building. People buying puts in this kind of tape are not doing it for fun, that is institutional hedging. They are paying premium to protect against a move down.