Bearish signals in BTC derivatives intensify, with bets on drop to $53K

Signs of further declines are emerging in the cryptocurrency derivatives market, according to an analysis by CoinDesk. The outlet noted that BTC futures open interest (OI) has risen for two consecutive trading days, from around 730,000 BTC to 778,000 BTC. This increase is attributed to a rise in short positions betting on further price drops amid the recent downturn. Additionally, the 30-day implied volatility for BTC has climbed to 53%, its highest level this month, while the premium on put options—bets on a price decline—has widened significantly. Notably, a large trade was executed on Deribit for a put option with a $53,000 strike price expiring on July 10.