Bitcoin Options
According to Option markets the scenarios of BTC at either 60k or 40k by the end of March are currently given equal probabilities of 26%. For February and March expiries the put volume just slightly exceeds Call volume, looking at the broader picture more calls are traded, especially when it comes to June - December expiries. After excess leverage has been washed out of the system for now, continuing larger purchases at 51k-52k all the way down to 48k are seen by some as 'free' put a order to the market by institutional money.
Right now prices of interest for Options are 40k, 48k and 64k. Calls are sold at 50k and 51k to protect from a ranging market while puts are bought at 50k and 40k strike prices. After the last spike, volatility has come down but remains at high levels. Traders have not stopped looking for upside exposure while buying protection and playing the 48k-52k levels.
Ethereum Options
The option market is pricing the probability of ETH at 2k by end of March at 24%. Open interest for option strikes at 1.6k, 2.2k and 2.6k remains high. Traders don't seem to expect ETH at these levels forever as both calls for upside exposure and puts for downside protection are bought.
Just now we see more action on the call end of things with price expectations of up to 5k and 6k by March and April among some. Volatility is high and options don't come cheap in this environment but traders are willing to pay the price.
