Bitcoin (BTC $87,690.79) has experienced a sharp decline this month, falling more than 25% to around $83,700, and data suggests some traders are bracing for further losses.

Blockchain analytics firm Glassnode reports that traders have been actively buying short-term BTC put options at the $75,000 strike price on Deribit since Bitcoin’s spot price dropped below $94,000 earlier this week.

The $75K put represents a bet that Bitcoin could fall below that level, reminiscent of the early April dip that bottomed near $74,000. Glassnode commented on X, “The options market isn’t signaling a bottom yet and is leaning toward the risk of a deeper move.”

Recent analysis by CoinDesk highlighted a notable bearish shift in the Bitcoin options market. The $85,000 put option has emerged as the dominant trade, overtaking the previously popular $140,000 call option.

Put options have accounted for over 65% of total options activity in the past week, signaling aggressive downside hedging by traders. Glassnode noted that this trend also reflects strategies exploiting volatility spreads—selling short-dated volatility while buying longer-dated contracts to capitalize on market dislocations.