Bitcoin and Ethereum Whales Uneasy with the Trend: It Passed Half a Billion Dollars

Block trading, which has been stagnant in recent days, has picked up again today and has shown remarkable growth with a total trading volume of over $500 million.

Today, 3,643 BTC worth of block call options were traded, accounting for 24 percent of the day's total trade. In addition, 2,084 BTC worth of block put options were traded, accounting for 14 percent of the day's total trade.

On the Ethereum (ETH) side, 31,430 ETH worth of block call options were traded, accounting for 20 percent of the day's total trade. Similarly, 28,488 ETH worth of block put options were traded, accounting for 18 percent of the total trade.

According to CoinGecko data, Bitcoin and Ethereum are trading at $61,013 and $2,679, respectively, as of Tuesday morning.

Whales are not happy with the course of events

Looking at the distribution of options, it is seen that investors are largely selling call options and buying put options.

Cryptocurrency derivatives analyst Greekslive commented, “This situation indicates that investors are expecting a decline in the market. In addition, with BTC’s medium-term volatility (IV) rate falling below 50 percent, it seems that large investors (whales) are not very happy with the market performance this month.”

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