Bitcoin (BTC) Positioning Shift: From $140K Calls to $80K Puts
Bitcoin options positioning has sharply reversed from bullish $140K calls to bearish $80K puts following a 25% price drop.Summary
Bitcoin options market sentiment has undergone a complete reversal, shifting from aggressive bullish bets seen last year—where traders favored $100K, $120K, and $140K call options—to a decidedly bearish stance. This shift is evidenced by the $140,000 call's open interest dropping while the $85,000 put option has taken the lead with $2.05 billion in open interest, following BTC's over 25% price collapse to $91,000 since October 8th. Market indicators, such as a heavy put skew and falling 30-day skew on decentralized exchanges, confirm traders are paying a premium for downside protection. While short-term downside fears are justified due to macro concerns, technical indicators suggest the selling might soon exhaust itself, with smart money accumulation hinted at by increased whale wallet activity.
(Source：CoinDesk)