Some crypto traders are snapping up bitcoin (BTC) put options, or the right to sell the largest cryptocurrency at a predetermined price, in the run-up to the pivotal U.S. nonfarm payrolls report, according to options market activity tracked by Singapore-based QCP Capital.Traders buy puts when anticipating a drop in the underlying asset’s price, currently around $97,000. The demand for puts at as low as $80,000 reflects cautious sentiment in the market and is a sign these buyers may be worried that better-than-estimated jobs data will dent the case for Federal Reserve interest-rate cuts and trigger a slide in the BTC price.”As we head into tonight’s non-farm payroll report, market sentiment remains cautious. The desk continues to observe interest in BTC 28FEB25 80K puts and BTC 21FEB25 90K puts, reflecting persistent caution despite the skew still favoring calls,” QCP Capital said in a Telegram broadcast. The U.S. Bureau of Labor Statistics is expected to say nonfarm payrolls grew by 170,000 in January. The report is due at 8:30 a.m. ET (13:30 UTC).
Ven. Feb 7th, 2025
