Aggressively bullish bets in the cryptocurrency options market have shifted to “decidedly bearish” positions. Aggressively bullish bets in the cryptocurrency options market have shifted to “decidedly bearish” positions, observed CoinDesk analyst Omkar Godbole. Since the end of 2024, traders have been actively betting on further growth, purchasing call options with strike prices of $100,000, $120,000, and $140,000. Until recently, the latter was the most sought-after on the Deribit exchange, with open interest (OI) consistently exceeding $2 billion. “Now the picture is different. Open interest in call options with a $140,000 strike is $1.63 billion. Meanwhile, the leader is a put with an $85,000 strike and open interest of $2.05 billion. Puts at $80,000 and $90,000 have also surpassed the $140,000 call in this regard,” the researcher shared. The chart below illustrates the concentration of OI in put contracts with lower strike prices. The volume of open calls remains significantly higher, yet puts are trading at a noticeable premium. This indicates a shift in demand towards “bearish” contracts and reflects investors’ concerns about further market correction. “Options reflect market caution towards the year’s end. Currently, the highest turnover is in short-term put options with strikes of $84,000-80,000. Implied volatility of options with the nearest expiration dates is around 50%, with the curve showing a pronounced skew towards puts (+5-6.
“Options reflect market caution towards the year’s end. Currently, the highest turnover is in short-term put options with strikes of $84,000-80,000. Implied volatility of options with the nearest expiration dates is around 50%, with the curve showing a pronounced skew towards puts (+5-6.
Additional observations from Deribit and Derive.xyz indicate rising bearish sentiment, with hedging activities increasing as traders seek protection against potential declines. The end-of-year focus appears to be on put concentrations around the December 26 expiration, notably at an $80,000 strike.
Deribit commercial director Jean-David Pequinot noted a pronounced skew towards puts, while Derive.xyz researchers highlighted growing hedging activity and a shift toward bearish contracts.
Overall, the market signals a cautious stance heading into year-end, with puts gaining prominence in the Bitcoin options landscape and a notable decline in excessive bullish open interest at the $140,000 strike.
Author's note: The analysis reflects developments in Bitcoin options markets as reported by ForkLog, with emphasis on the shift from bullish bets to bearish hedging and the concentration of open interest at various strike levels.
Авторское резюме: Аналитика ForkLog констатирует смену настроений на рынке опционов BTC с роста к снижению, акцентируя внимание на нарастании спроса на пут-опционы и концентрации открытого интереса в диапазоне ниже $100k–$85k.