$80K Bitcoin Put Becomes Market’s Most Popular Bet

A week ago, CoinDesk reported a bearish tilt in the BTC options market, with the $85,000 put surpassing the $140,000 call as the top bet on crypto exchange Deribit.

Now, the $80,000 put has taken the lead, posting an open interest of just over $2 billion. The $85,000 put follows closely at $1.97 billion, while the $140,000 call has declined to $1.56 billion in open interest.

The $80,000 put represents a bet that bitcoin’s spot price will drop below that level. In options markets, put buyers are generally bearish, anticipating a decline, while call buyers are bullish, expecting the price to rise.