Bitcoin Traders Flock to $75,000 Puts as Price Hits Nine-Month Lows

Bitcoin traders are increasingly betting on declines, signaling a sharp reversal from the post-Trump-election focus on high-strike calls.

BTC has dropped nearly 10% this week, dipping below $78,000, according to CoinDesk. The slump has driven demand for put options—contracts that protect against price drops—similar to insurance coverage for unexpected losses.

On Deribit, the world’s largest crypto options exchange, $75,000 puts now hold $1.159 billion in open interest, nearly matching the $1.168 billion tied to $100,000 calls. Each contract represents 1 BTC, showing that bearish bets are now just as active as the once-dominant bullish plays.

“[There has been a] massive surge in put buying over the past 48 hours, right as BTC fell from 88k to 75k,” pseudonymous observer GravitySucks noted on X, saying traders and funds had targeted these price ranges with precise strategies.

While $75,000 puts lead the bearish activity, significant interest also exists at $70,000, $80,000, and $85,000 strikes. Most higher-strike calls, aside from $100,000, have seen little action.

This shift contrasts with the pattern following Trump’s 2016 election, when high-strike calls dominated amid hopes of pro-crypto policies. Despite partial regulatory progress, Bitcoin’s rally stalled above $120,000 in early October and has fallen since, with delays to the crypto market structure bill adding further pressure.