While investments in Bitcoin ETFs are decreasing, it is seen that traders trading with option contracts are preparing for further declines.

According to Bloomberg’s report, put options, which will expire on 29 March on Deribit, one of the largest crypto options exchanges, surpassed call options in terms of volume. The strike prices of put options, which started to be traded intensively on the platform, are at the level of $45,000 and 50,000.

In the last 24 hours, the trading volume of call options remained at $154 million, while this figure was $426 million in put options.

The decline may not be deep

On the other hand, the funding rates of perpetual futures contracts, which show the current leverage level in the cryptocurrency market, continue to remain relatively low. This indicates that the decline in Bitcoin may not be as sharp as previous price declines.

Cumberland Labs DeFi analyst Chris Newhouse said, “On the day surrounding FOMC, we saw digital assets also reacting to the positive macro tailwinds. However, a weakening in correlation to equities, driven by product-specific outflows and liquidations, seems to have driven BTC and ETH lower.”

David Lawant, head of research at crypto prime broker FalconX, said, “Today’s market correction is mostly coming on the back of GBTC outflows remaining heavy. Spot ETF net inflows data as of yesterday showed the second fourth-day streak of outflows since these products launched on January 11.”

The number one cryptocurrency by market capitalisation is trading at $64,190 at the time of writing.