ChainCatcher report: According to market sources, major Bitcoin ETF holders and treasury firms recently concentrated on buying BTC put options with strike prices of $60,000 and below, and maturities of six months and one year, on Deribit, as portfolio insurance against a price drop below $60,000. Deribit noted that open interest for $60,000-strike BTC put options has risen to approximately $1.5 billion—the highest across all strike prices and maturities on the platform—indicating a significant increase in medium- to long-term downside hedging demand. While Bitcoin spot prices are currently trading around $67,000, the 30-day implied volatility of put options remains about 7% higher than that of call options, suggesting market participants still favor downside protection.
Major Bitcoin ETF holders and treasury firms purchase 60,000 put options for downside protection.
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Summary
Major Bitcoin ETF holders and treasury firms are increasing their presence in the options market, purchasing 60,000 USD worth of put options with six-month and one-year expiries on Deribit. Open interest for these puts has reached $1.5 billion, the highest level on the platform. The Fear & Greed Index appears to be shifting toward caution, as 30-day put implied volatility is 7% higher than call implied volatility, indicating stronger demand for downside protection.
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