Bitcoin and ether test multiyear support as options traders buy downside protection

Bitcoin and ether are testing critical support levels near 2024 lows, with BTC put options trading at a double-digit premium to calls as traders hedge against further downside.

• Bitcoin fell to $59,250, testing weekend lows of $58,800, while ether trades at $1,580 after failing to break $1,640.
• BTC put options trade at a double-digit premium to calls, signaling strong demand for downside protection.
• DeFi tokens ENA, JUP, and ETHFI fell 3.3-7.5% as risk appetite wanes across altcoins.
• Dogecoin open interest hit its highest since October but with negative funding, indicating bearish positioning.

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