Tokens related to AI (AI) have been worse than the biggest cryptocurrency in the last 24 hours. The relative weakness comes even in the unusual activity of Put options related to Nvidia (NVDA) stocks.
Bitcoin (BTC), the largest cryptocurrency by market value, added 0.6% in 24 hours to TAO, the token for blockchain-based machine learning network bittenser, 3.6% lower at $239, and RNDR token for GPU rendering platform render networks down 1.7%. Other tokens including FET, SEI and GRT lost 2%.
NVIDIA’s short date put options saw prominent activity on Monday, according to data tracked by convex values. The lawsuit focused on a $100 strikeput option that expires on April 17th, April 25th and May 2nd. Additionally, there was a $60 activity that expired on April 17th, and the $50 and $85 strikes expired on May 16th.
Under the unusual price of Santa Clara in California’s Santa Clara, $110, these so-called money out of money put options activities are called convex values. “My bet would be (these) conservation theatres,” a platform analyst told Coindesk.
Buying put options is similar to buying insurance against slides in the market. Traders usually snap up when they make a profit from spot/futures bets from potential market declines or try to hedge them.
Merlin Capital, a Substack-based analytics service published in X as “Someone Knows Something.”