Indeed, put-call skews, which measure the cost of puts relative to calls, show puts are drawing a higher price than calls across all time frames, including the six-month expiry. Traders have been buying outs off late. “We’ve also seen large demand for low delta [lower strike] puts, particularly in ETH, across the expiries out till December with strikes as low as 1,000. This could also be a play on further delays with the ETH Merge,” Singapore-based QCP Capital said in a Telegram broadcast.

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