Bitcoin Traders Pour Billions into $75,000 Puts as BTC Hits Nine-Month Lows
Bitcoin traders are increasingly betting on declines, marking a sharp reversal from the post-Trump-election focus on high-strike calls.
BTC has fallen nearly 10% this week, dropping below $78,000, according to CoinDesk. The slump has driven a surge in put options—derivatives that protect against price drops, much like insurance shields against unexpected losses.
On Deribit, the world’s largest crypto options exchange, $75,000 puts now account for $1.159 billion in open interest, nearly matching the $1.168 billion tied to $100,000 calls. Each contract represents 1 BTC, showing that bearish bets are now as active as the previously dominant bullish plays.
“[There has been a] massive surge in put buying over the past 48 hours, right as BTC fell from 88k to 75k,” pseudonymous observer GravitySucks noted on X, highlighting that traders and funds had these ranges clearly targeted.
While $75,000 puts lead the activity, notable interest also exists at $70,000, $80,000, and $85,000 strikes. Most higher-strike calls, aside from $100,000, have seen little action.
This marks a clear departure from patterns following Trump’s 2016 election, when high-strike calls dominated amid expectations of pro-crypto policies. Despite some regulatory progress, Bitcoin’s rally stalled above $120,000 in early October and has declined since, compounded by delays in the crypto market structure bill.
