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Large institutions and professional traders rushed to buy put options as short-term downside hedges immediately after Binance’s $6.3 billion on-chain breach, according to a CoinDesk analysis.
Derivatives liquidity network Paradigm said a block trade for 250 BTC put option contracts with a $78,000 strike, worth about $20 million, was executed just 15 minutes after the first wallet outflow from Binance and before any official announcement. Three minutes later, the same contract traded again at a 35% higher premium, indicating concentrated demand for downside insurance. Over the eight hours following the incident, BTC options block-trade volume on Paradigm reached $590 million, about half of the volume on Deribit, the world’s largest options exchange.
Experts focused on the fact that the buying was concentrated in puts with strikes between $74,000 and $78,000, just below the spot price of around $80,000, with expiries in late October and mid-November. CoinDesk said this suggested practical “Conviction hedging” against a short-term correction rather than positioning for an extreme crash.