Here’s why billions are flowing into bets that Bitcoin will fall under $75,000, as traders shy away from upside.

Bitcoin Traders Bet Billions on $75,000 Puts as Price Hits Nine-Month Lows

A surge in lower-strike put options marks a dramatic shift in Bitcoin trading, contrasting with the post-Trump-election trend of high-strike call enthusiasm.

Bitcoin (BTC) has fallen nearly 10% this week, reaching nine-month lows below $78,000, according to CoinDesk. The price slump has traders rushing into put options—derivatives that protect against declines—much like insurance covers unexpected losses.

On Deribit, the world’s largest crypto options exchange, the dollar value of active $75,000 puts now stands at $1.159 billion, nearly matching the $1.168 billion tied up in $100,000 calls, which bet on Bitcoin climbing past six figures. Each Deribit contract represents 1 BTC.

Pseudonymous market observer GravitySucks noted on X: “[There has been a] massive surge in put buying over the past 48 hours, right as BTC dropped from 88k to 75k. Traders and funds had these price ranges targeted with clear playbooks.”

While $75,000 puts dominate bearish sentiment, significant activity is also seen at $70,000, $80,000, and $85,000 strikes. In contrast, high-strike calls—except the $100,000 level—have seen limited action.

This shift is a stark reversal from the post-2016 election period, when traders favored high-strike calls, anticipating Bitcoin gains under pro-crypto policies. Despite partial regulatory support, Bitcoin’s rally stalled above $120,000 in early October and has since declined, compounded by delays in the crypto market structure bill.

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