Whales rushed into Bitcoin puts minutes after Binance hack

Large traders began buying Bitcoin put options on Paradigm within 15 minutes of the first wallet outflows from Binance. The initial block of 250 contracts struck near $80 150 and expired October 31, followed minutes later by another identical lot at a 35 % higher premium.

Over the next eight hours Paradigm recorded roughly $590 million in notional block volume, half of Deribit’s total for the same period. Most flow consisted of puts struck between $74 000 and $78 000 with expiries this week or mid-November, including two 1 000-BTC clips at the $74 000 level.

Deribit saw its own put activity, highlighted by a multi-leg November-December strategy worth about $190 million and 500 blocks of November puts at $64 000. The pattern pointed to near-term downside protection rather than deep-tail crash bets.

Based on information from cryptonews.net