CoinShares Researcher: Currently, the main concentration of unsettled Bitcoin put options contracts is at the end of December and the end of January next year

According to Bloomberg, Bitcoin has fallen after hitting a historic high, with some traders now seeking to hedge against deeper pullback risks. This comes after the original cryptocurrency first soared above $100,000. According to data from Amberdata, which tracks digital asset market data, put options with strike prices of $95,000 and $100,000 had the largest open interest in the past 24 hours. Demand for put options in the range of $75,000 and $70,000 also increased.

Luke Nolan, research assistant at crypto asset management company CoinShares said: "When we break it down by expiration date we can see that most of the open interest for these put options is concentrated at the end of December and January next year with some in February next year. Logically this makes sense as it provides a hedge against any potential pullbacks or unexpected events following this significant rise."