From $140K Call to $85K Put: Bitcoin Positioning Reverses Completely

Why It Matters

The bearish options tilt signals that market participants expect further price pressure on Bitcoin, which could constrain liquidity and influence broader crypto risk appetite as year‑end approaches.

Summary

Bitcoin options on Deribit have swung from a bullish to a bearish stance as the cryptocurrency fell more than 25% to $91,000 since Oct. 8. Open interest in the $140,000 call dropped to $1.63 billion, while the $85,000 put surged to $2.05 billion, making puts the dominant contract. Traders are loading up on out‑of‑the‑money puts around the $80,000‑$85,000 strikes for the December expiry, pushing implied volatility above 50% and creating a steep put skew. The shift reflects heightened downside protection amid weak macro cues and a fear‑driven market sentiment.