What to know : Bitcoin's price swoon has spurred a rush into put options as traders seek protection against further declines. The $75,000 put, representing a bet on a BTC price drop below the level, is now just as popular as the $100,000 bullish call option. This surge in demand for lower-strike puts contrasts with the post-Trump-election pattern of enthusiasm for high-strike calls.
Bitcoin's price crash has shifted the market vibe, with bets on it sliding further now just as hot as moonshot plays over $100,000.
The leading cryptocurrency by market value has dropped nearly 10% this week, reaching nine-month lows below $78,000, CoinDesk data. The price swoon has traders scrambling for put options, those derivative contracts that shield against potential decline in bitcoin, just like medical insurance covers you if you get sick.
The result: the dollar value of the number of active bitcoin put options contracts at the $75,000 level listed on Deribit, now stands at $1.159 billion, almost matching the so-called notional open interest of $1.168 billion locked in the $100,000 call option. Deribit is the world's largest crypto options exchange by volume and open interest, with one contract representing 1 BTC.
In other words, the $75,000 put, which represents a bet that bitcoin's spot price will fall below that level, is just as popular as the $100,000 call, which has been a dominant play for weeks. The latter is a bet that prices will rise into six figures.
"[There has been a] massive surge in put buying over the past 48h (sensitivity at peak), right as BTC spot crashed from 88k to 75k. Options traders/hedgers,/funds, had these exact price ranges targeted with clear playbooks in place," pseudonymous observer GravitySucks said in an X post.
While the $75,000 put is the most popular bearish play, significant open interest is also seen in puts at strikes of $70,000, $80,000, and $85,000, whereas higher-strike calls, except the one at $100,000, lack similar activity.
This stands in stark contrast to the pattern since President Donald Trump's victory, where higher-strike calls consistently drew more interest than lower-strike puts. The erstwhile bullish positioning likely stemmed from hopes that valuations would surge with Trump delivering on his campaign promises of pro-crypto regulations.
While the Trump administration delivered on much of that promise, BTC's price rally still fizzled out above $120,000 in early October and has been sliding ever since. Beyond the macro pressures, the delay in the crypto market structure bill has likely piled on the frustration.
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