Bitcoin pulled back a record high with some traders already seeking to hedge against a deeper retreat after the original cryptocurrency surged to more than $100,000 for the first time.
There has been an uptick in demand for put options, or contract that gives the buyer the right to sell an asset at a predetermined price within a set tie period. Puts with strike prices of $95,000 and $100,000 have seen the largest open interest positions over the last 24 hours, according to Amberdata, which tracks digital-asset market data. Demand for puts in the $75,000 and $70,000 range has also increased.
