Bitcoin put options account for nearly 40% of trading volume as market defensiveness increases.

KuCoinFlash

Release Time: 05/20/2026 13:06:19

BTC

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Summary

Bitcoin put options now account for nearly 40% of the options market trading volume, with significant activity centered on the $75,000/$71,000 bearish spread for late May. The total notional value of these trades is close to $200 million, as investors hedge against downside risk in the final ten days of the month. The options market is demonstrating increased caution, with major participants buying protection and selling tail financing to manage costs ahead of traditionally weaker months.

Odaily Planet Daily reports that Greeks.live posted an analysis on X, noting that today, Bitcoin put options accounted for nearly 40% of total trading volume, with the largest concentration occurring in a bear spread on the $75,000/$71,000 puts expiring at the end of May, representing a notional value of nearly $200 million, positioning defensive trades ahead of the final ten days of this month’s rally.

Overall, the market tends toward a defensive pullback but does not anticipate a crash. May and June have historically been considered weak months, and this month, major investors have been increasing defensive positions: purchasing effective protection, selling tail risk exposure, and managing costs.

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