Bitcoin (BTC $87,690.79) has fallen sharply this month, losing over 25% to around $83,700, as traders prepare for potential further downside.
According to blockchain analytics firm Glassnode, investors have been buying short-term BTC put options at the $75,000 strike price on Deribit since Bitcoin dipped below $94,000 earlier this week.
The $75K put represents a bet that Bitcoin could drop below that level, echoing the early April low near $74,000. Glassnode commented on X that “the options market isn’t signaling a bottom yet and is leaning toward the risk of a deeper move.”
CoinDesk recently highlighted a significant bearish shift in the Bitcoin options market. The $85,000 put option has become the dominant trade, replacing the previously popular $140,000 call option.
Put options have accounted for over 65% of total options activity in the past week, reflecting aggressive downside hedging. Glassnode also noted that traders are exploiting volatility spreads, selling short-dated volatility while buying longer-dated contracts to take advantage of market dislocations.
