BNB Options Traders Prepare for Volatility as Token Nears All-Time High

Binance's BNB token is close to its record high of $705, up over 10% since Sunday. Options traders are cautious and purchasing puts with strikes between $550-$650, indicating expectations of volatility. BNB's strong performance is attributed to participation in Binance Launchpad and Launchpool projects. Despite high trading volume, traders remain vigilant, with a significant number of put options expiring worthless if BNB maintains its current level or continues to rise.