Traders on Derive.xyz are preparing for potential downside volatility in BTC, as indicated by recent trading data. Over 70% of the platform’s trading volume consisted of put options, reflecting a defensive approach among BTC traders. Currently, 20% of the total open interest in BTC options, valued at over $54 million, is tied to put options expiring on July 11 with strikes at $85,000, $100,000, and $106,000. This suggests that traders may be responding to macroeconomic uncertainties or potential profit-taking after recent gains. In contrast, on the centralized platform Deribit, traders have switched to buying call options, indicating a more bullish sentiment with BTC's recent price increase. Additionally, traders on Derive are leaning bullish on ether, with significant interest in call options related to upcoming events that are expected to drive upward momentum.

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