Traders Seek Protection as Crypto and Stocks Dip on US Debt Ceiling Impasse — CoinDesk

The trading volume of ETH put options expiring on Oct. 8 has soared, according to data from Deribit, a crypto futures and options exchange. A large number of put options is seen around the $2,700 price level, which, if breached, can trigger long liquidations. A put option is a contract giving the owner the right, but not the obligation, to sell, or sell short, a specified amount of an underlying security at a pre-determined price within a specified time frame.