Bitcoin dipped below $91,000 amid renewed tariff threats from President Donald Trump, with options market data signaling a significant risk of further losses.

Traders on Derive.xyz, a decentralized on-chain options platform, see roughly a 30% chance of BTC falling below $80,000 by the end of June. Centralized options exchange Deribit shows a similar outlook.

“Options markets show a clear downside skew, with a 30% probability BTC drops below $80K by June 26, versus a 19% chance it rises above $120K,” said Sean Dawson, head of research at Derive.

Open interest is heavily concentrated in put options with strike prices between $75,000 and $80,000, indicating expectations for a pullback into the mid-$70,000s. A drop below $80,000 would mark bitcoin’s lowest level since April 2025, when the cryptocurrency fell to $75,000 amid sweeping U.S. tariffs.

Tariff tensions have resurfaced after Trump threatened a 10% levy on imports from 10 European nations over opposition to his Greenland plan, driving bitcoin from $95,000 to around $91,000.

“Rising U.S.-Europe tensions — particularly around Greenland — raise the risk of higher volatility, which is not fully reflected in spot prices,” Dawson added.