QCP Capital: Bitcoin Options Traders Hedge Against Price Decline

The bitcoin options market does not rule out a resumption of downward trends, according to assessments by QCP Capital.

In the past 24 hours, the difference in implied volatility (IV) between calls and puts has decreased by three points, specialists noted.

Analysts highlighted information about Mt.Gox clients receiving bitcoins through Kraken, as well as data on the U.S. authorities sending coins to Coinbase, as drivers.

“While spot prices remain calm, the options market paints a different picture,” experts indicated.

QCP Capital believes that prices for major cryptocurrencies may remain “restrained” until momentum builds ahead of the U.S. elections.

On July 16, Mt.Gox moved 47,229 BTC ($2.99 billion) and 48,641 BTC ($3.1 billion) to unidentified addresses. Kraken was one of the recipients of the funds.

At that time, Mt.Gox was set to distribute a total of 138,985 BTC worth ~$8.74 billion. Analysts suggested that sales could exert pressure on the market, although there is an opinion that such concerns are exaggerated.

In July, it was revealed that the U.S. Marshals Service selected Coinbase Prime to provide custody and sale services for high-capitalization cryptocurrencies.

Earlier, Glassnode analysts assessed the impact of Mt.Gox clients’ sales on the price of bitcoin.