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While the consensus is that that event, coupled with the strong inflows into the U.S.-based exchange-traded funds (ETFs), implies a supply-demand imbalance and potential for a continued move higher, some traders have started to position for a sharp decline. They have begun snapping up bitcoin puts, or options to sell, at strike prices well below the going market rate because perpetual funding rates point to a market that’s overheated and may witness a correction, a drop of more than 10%.