In brief
- Implied volatility remains low despite Bitcoin’s dip following a wipe out $1.65 billion in long positions across the crypto markets.
- Put-buying activity shows options traders are expecting further downside this month.
- Long-term positioning over the next three to six months remains bullish.
Bitcoin extended weekend losses on Monday, triggering one of the largest liquidation events this year. Options traders are now positioning with a bearish skew in anticipation for a continuation of the downtrend.
The top crypto fell less than 4% on Monday, but the resulting liquidation cascade was the biggest this year, wiping out roughly $1.65 billion in longs and $145 million in shorts.
Despite the scale of the recent fallout, implied…
Sep 23 2025
