Paradigm traders buy $78,000 BTC puts after Binance hack

Following a major hack on Binance, large bitcoin traders heavily bought put options on Paradigm and Deribit to hedge against potential near-term price pullbacks. Trading activity spiked significantly before public news of the incident broke, with bearish flows focused on strikes close to the spot price rather than deep-tail hedging. Market observers noted that skews rose as traders scrambled for downside protection amidst the unfolding events. Open article →