Bitcoin Traders Brace for Downside as $80K Put Options Gain Popularity

Investor sentiment around Bitcoin has taken a cautious turn, with traders now piling into $80,000 put options—indicating rising demand for downside protection in the face of mounting macroeconomic uncertainty.

According to data from Amberdata, the $80K strike put is now the most-held contract on Deribit, with over 10,278 open positions totaling $864 million in notional value. This shift underscores a stark contrast from earlier this year, when optimism fueled massive interest in six-figure BTC call options, particularly at $120,000 and $100,000 strikes.

The change in sentiment has been driven by multiple factors, including Bitcoin’s 11.66% slide in Q1 and a temporary drop below $80,000 as global markets react to President Trump’s expected announcement of new reciprocal tariffs—dubbed “Liberation Day” by the administration.

“This is the most aggressive tilt toward protective puts we’ve seen since the banking crisis in March 2023,” said analytics firm Block Scholes in a Wednesday note. The firm also noted that while Ethereum’s volatility metrics have slightly recovered, BTC traders are clearly bracing for rough waters.

The overall tone suggests a market preparing for potential turbulence. Earlier in 2025, bullish sentiment dominated with bets on sky-high price targets. But now, the tide has shifted—traders appear more concerned with capital preservation than speculative gains.

With geopolitical developments looming and volatility surging, all eyes remain on how Bitcoin responds to potential macro shocks in the days ahead.