Bitcoin Drops as Investors Buy $22K and $20K Puts

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Bitcoin Drops as Investors Buy $22K and $20K Puts

Omkar GodboleJuly 19, 2021, 6:41 AM·2 min readIn this article: Bitcoin is falling a day after the options market saw increased demand for out-of-the-money or lower strike put options at $22,000 and $20,000.The leading cryptocurrency was trading at a three-week low of $30,700 at press time, representing a 3.5% drop on the day. The decline has flipped the crucial 50-week simple moving average (SMA) support of $32,250 into resistance.On Sunday, 500 contracts of the $22,000 put option expiring on Dec. 31 changed hands via the institution-focused over-the-counter (OTC) desk Paradigm. Similar volume crossed the tape for the $20,000 put expiring on Dec. 31.Related: Bitcoin Trending Lower With Possible Break of $30K Support“There was interest to buy BTC puts for December in a significant size,” Darius Sit, CEO of the Singapore-based QCP Capital, said. “We made the market for most of the large block trades over the weekend. There was decent interest to sell September BTC puts as well.”Market makers are always on the opposite side of traders/investors and run a direction-neutral portfolio. That essentially means buyers of the $20,000 and