According to @GreeksLive, savvy traders are actively hedging their Bitcoin (BTC) and Ethereum (ETH) positions for a potential summer downturn, despite broader market bullishness. Analysis of options data from Amberdata shows that 25-delta risk reversals for BTC for June, July, and August tenors are negative, indicating a strong preference for protective put options over bullish call options. Similarly, for ETH, put options are pricier than calls out to the July expiry. Singapore-based QCP Capital noted in a market update that this activity suggests long holders are hedging their spot exposure against potential drawdowns. Further supporting this cautious sentiment, Coinbase Institutional's weekly report highlighted that a rising 25-delta put-call skew on 30-day contracts implies market participants are seeking short-term protection. On a technical level, BTC recently closed below its 50-day simple moving average (SMA), a bearish signal that could lead to further chart-driven selling.

According to @BitMEXResearch, experienced Bitcoin (BTC) and Ether (ETH) traders are actively hedging against potential summer price declines using options strategies. Data from Amberdata shows that 25-delta risk reversals for June, July, and August tenors are negative, indicating a stronger demand for protective put options over bullish call options. Singapore-based QCP Capital stated this suggests that investors with long positions are hedging their spot market exposure to prepare for possible drawdowns. Further supporting this cautious sentiment, Coinbase Institutional's weekly report noted a rise in BTC options open interest and a positive put-call skew, implying traders are seeking short-term protection. From a technical standpoint, BTC's recent close below its 50-day simple moving average could trigger further selling. However, some analysts remain bullish; market observer Cas Abbé cited strong on-balance volume to forecast a potential rally to the $130,000-$135,000 range by the end of Q3. Additionally, analyst Valentine Fournier highlighted that long-term structural demand is growing, with entities like Texas and corporations such as Metaplanet adding BTC to their reserves, which could support a rebound.

According to QCP Group, frontend volatility for Bitcoin is compressing, risk reversals are normalizing, and perpetual funding rates have flattened, indicating muted price action in the near term. Traders should closely monitor the $100,000 and $110,000 price levels, as BTC remains rangebound between these key thresholds. These developments suggest a period of consolidation, reducing the likelihood of sudden moves and favoring range trading strategies for market participants (Source: QCP Group Twitter, June 2, 2025).