Whether or not U.S. stock ETF trading will continue to drive cryptocurrency prices lower today is the main game in town.
Looking at today's block trades, $120 million, or 16%, was traded in large put options, which is significantly higher than on a normal day. Individual block trades of $5 million or more were dominated by selling short-term put options, while smaller orders were dominated by buying short-term puts.
While logically the market is still not looking good today, large traders are more likely to believe that the market has stabilized.
Looking at today's block trades, $120 million, or 16%, was traded in large put options, which is significantly higher than on a normal day. Individual block trades of $5 million or more were dominated by selling short-term put options, while smaller orders were dominated by buying short-term puts.
While logically the market is still not looking good today, large traders are more likely to believe that the market has stabilized.