Bitcoin (BTC $87,690.79) has fallen sharply this month, losing more than 25% to around $83,700, with data indicating traders are preparing for further declines.
According to blockchain analytics firm Glassnode, traders have been actively buying short-term BTC put options at the $75,000 strike price on Deribit since Bitcoin’s spot price dipped below $94,000 earlier this week.
The $75K put reflects a bet that Bitcoin could drop below that level, echoing the early April low near $74,000. Glassnode noted on X that “the options market isn’t signaling a bottom yet and is leaning toward the risk of a deeper move.”
CoinDesk recently highlighted a pronounced bearish shift in the Bitcoin options market. The $85,000 put option has become the dominant trade, replacing the previously favored $140,000 call option.
Put options have made up over 65% of total options activity in the past week, reflecting aggressive downside hedging. Glassnode added that traders are also exploiting volatility spreads, selling short-dated volatility while buying longer-dated contracts to capitalize on market dislocations.
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