Episode Details

Bitcoin traders are paying record prices for downside protection, as VanEcks latest Bitcoin ChainCheck reveals. Despite spot prices stabilizing, investors remain defensive. Futures funding rates have decreased, indicating less aggressive leveraged bets. Options data shows extreme caution, with the put to call open interest ratio at its highest since June 2021. Put premiums relative to spot trading volume have reached an all-time high, suggesting traders are buying insurance against further drops. Historically, this level of fear in options has signaled turning points, with average bitcoin gains of 13% over 90 days and 133% over 360 days in the past six years. Onchain activity remains low, but miner selling is steady, hinting at a potential shift ahead.

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