Bitcoin and Ether options markets showed a stronger bearish tilt after a sharp sell-off tied to what Odaily described as a suspected $6.3 billion attack on Binance by North Korean hackers. Bitcoin briefly fell to $76,400, its lowest level since Sept. 18, before recovering part of the loss. Ether dropped to as low as $2,170 and later rebounded to around $2,220. According to CoinDesk, risk aversion intensified across the crypto market, with put options making up the majority of the most actively traded BTC and ETH contracts. At the same time, 25-delta skew across multiple expiries moved higher, a sign that traders were paying more to hedge against downside risk. Pressure was not limited to digital assets. Weakness in U.S. technology stocks added to the cautious tone, with Nasdaq 100 futures down 2.3%. The combination of crypto-specific stress and broader market weakness pointed to a more defensive trading backdrop in both spot and derivatives markets.
Bitcoin and Ether options markets turned more bearish after a broader risk-off move hit crypto trading.
According to Odaily, Bitcoin briefly fell to $76,400 following what it described as a suspected $6.3 billion attack on Binance by North Korean hackers. The drop marked BTC's lowest level since Sept. 18, before the token recovered some ground.
Ether fell to a low of $2,170 and later rebounded to about $2,220.
Put options dominate active trading
CoinDesk said risk aversion intensified in the market, with bearish sentiment rising in BTC and ETH options. Among the highest-volume contracts, put options accounted for the majority.
At the same time, 25-delta skew rose across multiple expiries, pointing to stronger demand for hedges against further downside.
Tech weakness adds pressure
Pressure also came from outside crypto. Weakness in U.S. technology stocks added to the market strain, with Nasdaq 100 futures down 2.3%.
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