CoinNess Brief

A CoinNess analysis of CryptoSlate said the low-$70,000 range is emerging as the most vulnerable area for Bitcoin in the event of a decline in the options market. CryptoSlate said $70,000 call options for September-expiry Bitcoin contracts are the largest single concentration at 11,308 contracts. While that may appear to signal strong bullish positioning, the interpretation changes given that Bitcoin is already trading 9.8% above that level, the report said. It added those positions were likely built earlier, when Bitcoin was still hovering in the low $60,000s. The greater concern lies on the downside, according to the report. September Bitcoin options have 1.8 times more calls than puts, with bullish positions concentrated in the $78,000 to $100,000 range. By contrast, downside hedges are clustered below $60,000. That leaves relatively thin positioning between $68,000 and $75,000, and if Bitcoin falls quickly into that range, investors with current positions could face market moves they had not anticipated, CryptoSlate said.