After Binance was hacked BTC Options block trades skewed toward puts

AT A GLANCE

The report said that after Binance was hacked, large traders concentrated their purchases of Bitcoin put options with strike prices of 74000 to 78000 USD.

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Analysis: After Binance was hacked, traders bought Bitcoin put options, with strike prices concentrated at 74,000 to 78,000 USD BlockBeats reports that,October 30，Binance after the hacking incident, large traders increased their Bitcoin put-option hedges. Nicolas Quatravaux, head of Europe, the Middle East and Africa at Paradigm, said that within 8 hours of the incident, the platform's BTC options block trades had a notional value of approximately 590000000 USD, equivalent to half of the related block-trade volume on Deribit during the same period, with trades clearly skewed toward put options.

The first large transaction occurred at UTC 20: 38 time, before the news was made public: a purchase covering 250 BTC、October 31 expiring, with a strike price of 78,000 USD put options, with a notional value of approximately 20000000 USD。3 minutes later, another transaction of the same size and involving the same contract had a purchase cost approximately 35%higher.

Buying was concentrated mainly at strike prices of 74,000 to 78,000 USD strike prices, with maturities mostly this week and in mid-November Two November mid-month expiry, strike price 74,000 USD put-option trades each covered 1000 BTC, with a combined notional value of approximately 155000000 USD. The report said this was more consistent with hedging against a further short-term pullback than betting on an extreme collapse.

Meanwhile, trades in March expiry call options also appeared, so not all traders were defensive. Standard Chartered warned that market weakness could persist and that a new bottom may not form until the details of the incident become clear and the relevant exchanges and protocols unfreeze the tokens involved.

Original link https://m.theblockbeats.info/flash/374687

Key points

BlockBeats said that after the Binance hacking incident, large traders increased their Bitcoin put-option hedges.
Nicolas Quatravaux said that within 8 hours of the incident, Paradigm's BTC options block trades had a notional value of approximately 590000000 USD。
The above trading volume was equivalent to half of the related block-trade volume on Deribit during the same period, and trades were clearly skewed toward put options.
The first large transaction occurred at UTC time 20: 38, before the news was made public, covering 250 BTC，October 31 expiry, with a strike price of 78,000 USD, and a notional value of approximately 20000000 USD。
3 minutes later, another transaction of the same size and involving the same contract had a purchase cost approximately higher by 35%。
Buying was concentrated mainly at 74,000 to 78,000 USD strike prices, with maturities mostly this week and in mid-November.
Two November mid-month expiry, strike price 74,000 USD put-option trades each covered 1,000 BTC, with a combined notional value of approximately 155000000 USD。
The market also saw March expiry call-option trades.
Standard Chartered warned that market weakness could persist.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

Put options can be used to reduce losses when the price of Bitcoin falls. The large buying described in the report was concentrated in shorter maturities and specific strike prices, indicating that some traders are strengthening their short-term defenses; however, call-option trades also occurred during the same period, so market views were mixed.

Why it matters to readers

The skew toward puts in large options trades reflects greater caution among some professional traders regarding short-term downside risk, but it does not mean that Bitcoin's spot price will necessarily decline.

Beginners can understand this as some large traders purchasing “downside insurance.” Options positions reflect risk management and market expectations and should not be treated as definitive price forecasts.

Risks and unknowns

The report did not provide original trade records from Paradigm or Deribit, so the relevant trading data cannot be independently verified based solely on this article.
The first transaction occurred before the news was made public, but the original article did not state the trader's identity, motivation, or whether the trader had prior knowledge.
The specific details of the Binance hacking incident, the asset shortfall, and the security of user funds were not described in the evidence.
It cannot be confirmed that all put-option buying was for hedging; other trading strategies may also have been involved.

After Binance was hacked BTC Options block trades skewed toward puts

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