Bitcoin Hovers Near $103K as Traders Hedge After Drop Below $100K
November 6, 2025
Bitcoin (BTC) briefly slipped below $100,000 this week as macro uncertainty and softer spot ETF demand weighed on the market, prompting traders to increase hedging activity in the options market.
Data from Deribit, the world’s largest crypto options exchange, shows notional open interest — the total dollar value of active BTC options — remains above $40 billion, with heavy concentration in November and December strikes near $110,000. At the same time, demand for $80,000 put options has surged, reflecting growing caution for a potential further decline.
“The spike in $80,000 puts shows traders are hedging against a deeper drop,” Deribit said.
Open interest for the $80,000 put exceeds $1 billion, while the $90,000 put stands near $1.9 billion, almost matching the combined $120,000 and $140,000 call options. Some higher-strike calls are overwritten, letting BTC holders generate yield on their holdings.
Since peaking above $126,000 four weeks ago, BTC has dropped over 18%, driven by hawkish Fed commentary and $1.3 billion in U.S. spot Bitcoin ETF outflows, which contributed to $1 billion in long liquidations at recent lows, according to QCP Capital.
Ecoinometrics warned that weakness around $100,000 could trigger a feedback loop, where ETF outflows pressure spot prices further. BTC currently trades around $103,200, up 1.9% over 24 hours.
