Bitcoin Traders Embrace Cash-Secured Put Strategy Amid Bullish Sentiment

A shift toward more structured and risk-managed strategies is taking shape in the Bitcoin options market, as traders increasingly sell cash-secured puts using stablecoins—a move that signals optimism about BTC’s long-term trajectory.

According to Lin Chen, Head of Asia Business Development at Deribit, the trend points to a maturing market. “We’re seeing notable growth in stablecoin-backed put selling,” Chen told CoinDesk. “It shows a longer-term mindset and continued bullish outlook among traders.”

This strategy involves writing put options while holding enough stablecoins to cover potential BTC purchases if the price dips below the strike. It allows traders to earn premiums while potentially buying bitcoin at lower levels—effectively combining yield generation with strategic accumulation.

At the same time, BTC holders are selling call options at higher strike prices to enhance yield. These activities have contributed to a significant drop in implied volatility. Deribit’s DVOL index, which tracks 30-day implied volatility for BTC, has declined from 63 to 48 since the April 7 sell-off that briefly dragged prices down to $75,000.

Since then, Bitcoin has bounced back, rising above $92,000 as renewed institutional demand and macroeconomic uncertainty drive a haven bid. The recovery has reignited bullish activity in the options market, particularly in out-of-the-money call options.

Traders have been aggressively purchasing calls at $95K, $100K, and $135K through the OTC platform Paradigm. The $100K call is now the most popular strike on Deribit, with over $1.6 billion in open interest.

$9 Billion Delta Shows Options’ Growing Market Influence

The growing size of the BTC options market has brought increased sensitivity to price movements. According to Volmex, cumulative delta across BTC options on Deribit and U.S.-listed bitcoin ETFs like BlackRock’s IBIT reached $9 billion as of Wednesday.

Delta measures how much an option’s price moves relative to the underlying asset. A high cumulative delta indicates that option prices—and the need to hedge them—are tightly linked to BTC’s spot moves, increasing the likelihood of volatility.

The notional value of all outstanding BTC options is now $43 billion, requiring market makers to dynamically hedge their exposure. This can lead to feedback loops, where hedging activity influences price action.

“Strike positions have shifted, open interest has surged, and delta exposure is at record highs,” Volmex noted. “Market makers are aggressively hedging, and this activity is contributing to short-term volatility.”

Volmex also observed a more bullish tilt among Deribit traders compared to those trading options tied to ETFs like IBIT—highlighting different sentiment profiles between crypto-native and institutional players.