Bitcoin Options Market Turns Bearish: $80K Put Tops $2B
Deribit’s $80,000 Bitcoin put option now leads the Bitcoin options market with over $2 billion in open interest. This surpasses last week’s top $85,000 put at $1.97 billion in the Bitcoin options market. Meanwhile, $140,000 call open interest on Deribit fell to $1.56 billion. Traders are reallocating to protective puts amid rising volatility. Institutions and professionals are restructuring portfolios to hedge downside. The surge in $80K put open interest signals growing bearish sentiment and anticipates a test of the $80,000 support level. These shifts highlight short-term downside risks but could stabilize if key support holds.
Bearish
The shift of open interest towards $80K put options and the decline in bullish $140K calls reflect a clear bearish sentiment in the Bitcoin options market. In the short term, increased protective put positions suggest traders anticipate price declines and higher volatility, potentially driving downward pressure on BTC. Over the long term, if the $80,000 support level holds, market stability may return; however, sustained high put open interest indicates continued caution among institutions, which could cap significant rallies. Historical patterns show that heavy put accumulation often precedes volatility spikes and market corrections, reinforcing a bearish outlook until support proves resilient.