How Aggressively Are BTC Traders Hedging After Recent Dip Under $100K?

Bitcoin Traders Increase Hedges as BTC Dips Below $100K Amid Macro Headwinds

November 6, 2025

Bitcoin (BTC) fell below $100,000 this week, pressured by macroeconomic uncertainty and weaker spot ETF inflows, prompting traders to ramp up hedging activity in the options market.

Data from Deribit, the world’s largest crypto options exchange, shows notional open interest — the dollar value of active BTC options contracts — remains above $40 billion, concentrated in November and December strikes near $110,000. Meanwhile, demand for $80,000 strike put options has surged, signaling growing expectations for further downside.

“A notable increase in $80,000 puts indicates traders are hedging against deeper declines,” Deribit said.

Put options allow traders to protect against price drops, while call options reflect bullish bets or income generation through overwriting. Open interest on the $80,000 put now exceeds $1 billion, and the $90,000 put stands near $1.9 billion, nearly matching the combined OI of the $120,000 and $140,000 calls.

Since hitting a record $126,000 four weeks ago, BTC has dropped over 18%, with hawkish remarks from Fed Chair Jerome Powell and $1.3 billion in spot Bitcoin ETF outflows compounding the sell-off. QCP Capital noted that forced deleveraging contributed to over $1 billion in long liquidations at the lows.

Ecoinometrics warned that continued weakness near $100,000 could create a feedback loop, where ETF outflows drive further downward pressure on spot prices.

As of writing, BTC trades around $103,200, up 1.9% in the past 24 hours.