Bitcoin’s crash wipes out $5 billion in futures OI but options remain stable
Summary
The recent cryptocurrency crash resulted in significant losses, comparable to those experienced during the FTX collapse. Bitcoin's value fell below $50,000, severely affecting the futures market and leading to a significant decrease in leveraged positions. Despite the turmoil, the options market remained relatively stable, with options traders able to maintain their positions. This situation led to the second-highest options volume ever recorded. There was a discrepancy observed between the bullish open interest and the put-heavy trading volume.
