According to Glassnode analysts, weak on-chain metrics and the prevalence of fears in the derivatives market are hindering the recovery of Bitcoin after a wave of price declines since the end of March.
The collapse of LUNA and the general weakening of the market have affected the expectations of participants in the crypto derivatives market. In Bitcoin, the ratio of open puts and calls has increased from 50% to 70%, which indicates an increased desire of investors to secure positions from continued negative dynamics.
In calls with expiration at the end of July this year, the largest open interest is concentrated around the $40,000 mark.
Participants give the greatest preference to puts that will bring profit in case of a price decrease to $25,000, $20,000 and $15,000. In other words, until the middle of the year, the market is oriented towards risk hedging and/or speculation on further price reduction.