Deribit Exchange Sees Surge in Bitcoin Put Options as Traders Brace for Further Declines
Bitcoin's options market is showing cautionary signals as traders increasingly purchase put contracts, indicating expectations of deeper price drops. Open interest has rebounded to a higher level following October's $17 billion monthly expiry, with Deribit emerging as the primary platform for protective positioning.
The market's defensive stance is clear in the premium paid for $100,000-strike puts—a hedging strategy that contrasts sharply with dip-buying behavior. Derivatives traders remain wary, with BTC futures open interest staying below $33 billion amid ongoing long liquidations.
October recorded all-time-high options volumes exceeding $202 billion, a 12-month peak highlighting growing institutional involvement. The rebuilding of positions in November suggests this hedging trend is becoming structural rather than temporary.
