Options traders are buying BNB puts with strike prices between $550 and $650

CoinPay BNB has surged more than 10% from Sunday's $597 low and is now approaching an all-time high of $705. However, options traders are proceeding cautiously, buying puts with strike prices of $550-$650 as trading volume approached $3 billion in the past 24 hours. Bernd Sischka, chief commercial officer at PowerTrade, said, “11,250 BNB options were traded with call option strike prices between $600 and $700 and put option strike prices between $650 and $550. Traders expect a lot of volatility as the price moves toward the 2024 highs.”