Bitcoin
Large Bitcoin holders accumulate 88,987 BTC as options traders pay premium for downside protection
Data shows major wallet balances reached a six-month high over the past month, while derivatives markets signaled ongoing demand for downside hedging.
Wallets holding between 10 and 10,000 BTC accumulated 88,987 BTC over the past month, lifting their aggregate balances past 13.69 million BTC to a six-month high, according to data from Santiment. The accumulation trend started around September 19 and persisted through recent price fluctuations, even as Bitcoin struggled to establish a firm recovery around $82,000.
Despite the large-scale buying, options markets reflected cautious positioning alongside subdued volatility expectations. CryptoQuant data showed Deribit's DVOL Index closed October 19 at 37.33, ranking below 92% of daily readings since March 2021, while 30-day realized volatility stood at 28.84. However, the November 25-Delta Risk Reversal printed at -3.19, indicating that traders were paying higher implied volatility premiums for put options relative to call options.
Broader derivatives metrics indicated rising activity and leverage risks. According to CoinGlass, Bitcoin derivatives trading volume climbed 12.42% to $48.31 billion, while open interest rose slightly to $52.87 billion, alongside $4.15 billion in options volume. While top traders on Binance maintained a bullish stance with a long-to-short ratio of 1.7739, recent liquidations placed heavier pressure on long positions, totaling $30.79 million compared to $13.68 million in short liquidations.
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