Here's What the Bitcoin Options Market Says About Halving

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Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

a reliable indicatorfollowed by a rally after the event, which reduces the pace of new bitcoin creation by cutting the per-block coin emission to 3.125 BTC from 6.25 BTC.

Put options are derivative contracts that give the purchaser the right, but not the obligation, to sell the underlying asset at the specified price at a later date. A put buyer is implicitly bearish on the market, looking to profit from or hedge against a price slide. Open interest refers to the number of active or open contracts at a given time.The chart shows open interest distribution in options expiring on April 19, a day before halving is expected.

"Right ahead of the halving, you have notable open interest in the $60,000 put expiring a day before the event, whereas month-end is a bit more spread out," Simranjeet Singh, a trader at the crypto trading firm and liquidity provider GSR, told CoinDesk."I guess some traders may want to fade the move in the short term, similar to the ETF event, until we reach a nice consolidation level for another leg higher."Singh said the next leg higher partly depends on the U.S.

"The newly found 'Fed put' remains in place though, with the Fed focused on both risks to inflation and employment, rather than on inflation alone," trader and analyst. The"Fed put" is a notion that the central bank will come to the rescue if the economy or markets falter.

 

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