Bitcoin edges above $77,000, but institutional activity suggests downside hedging
BTC rises on steady volume and strong technical structure, but surging put interest and muted prediction market odds point to defensive positioning.
AI Summary
Bitcoin rose above $77,500 during European trading on solid volume, gaining approximately 1.7% over 24 hours. However, derivatives data reveals cautious positioning, with put open interest for June 26 $76,000 options surging 22.5%, indicating institutional traders are hedging against downside risk, while over $770 million in Bitcoin transfers to exchanges suggest potential selling pressure ahead.