Aggressive 140K calls lose their lead as 85K puts take over open interest; reflecting a decisive shift from peak bullishness to extreme downside protection following BTC's > 25% drop to 91K. Puts now lead OI: 85K Put 2.05B > 140K Call 1.63B. Implied Volatility Skew confirms the fear; traders are paying a significant premium for downside insurance. Fear & Greed Index is near 15 (Extreme Fear) and RSI is near 30 (Oversold), historically preceding bold 'smart money' accumulation. Read more on @CoinDesk ↓ https://www.coindesk.com/markets/2025/11/19/from-usd140k-call-to-usd80k-put-bitcoin-btc-positioning-reverses-completely Disclaimer: Deribit FZE is licensed by the Virtual Assets Regulatory Authority (VARA) for virtual asset exchange services, but does not offer derivatives to retail investors. DRB Panama Inc. is unregulated and serves retail and non-retail investors. Virtual assets are highly volatile, carry significant risk, and may lose full value. They are not insured or protected against potential losses.(Deribit)