Interest in Bitcoin options has fallen to its lowest level since the end of 2020, Luuk Strijers, chief commercial officer at crypto derivatives exchange Deribit, has told CoinDesk.
According to him, this is reflected in a record drop in trading volumes of options on the market's largest cryptocurrency. Strijers explained:
"Open interest and volume have declined in both the dollar and bitcoin terms in recent weeks due to overall bearish sentiment caused by China’s regulatory crackdown and other factors."
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Strijers says that, as of June 28, the number of open positions in Bitcoin options on Deribit fell to its lowest level since October 2020, to 120,000 coins ($4 billion at the July 1 exchange rate). At the end of March, this figure exceeded 250,000 Bitcoins ($8.3 billion). Other platforms have recorded a similar drop.