A large amount (~$596M) of Bitcoin put options at the $20,000 strike has built up ahead of Deribit’s expiry, making it the third most popular position.
Since Bitcoin is currently below $70,000, this strike is very far out of the money and would only pay off if the market crashes ~70%.
At first glance, this looks bearish—but it likely isn’t:
Many traders are selling these puts to collect premium, betting that Bitcoin won’t سقوط that low.
So this reflects income strategies or volatility plays, not necessarily panic hedging.
Other major positions:
$75,000 strike (~$687M)
$125,000 strike (~$740M)
→ This shows traders are positioned for both upside and downside scenarios.
Overall sentiment remains slightly bullish:
Put-call ratio is 0.63 (more calls than puts).
More traders are betting on price increases than decreases.
Key level to watch:
$75,000 “max pain” level — where most options expire worthless.
Prices often gravitate toward this level near expiry due to market maker hedging.
Bottom line:
Despite geopolitical fears, the options market suggests cautious optimism, with downside protection strategies in place but no strong संकेत of a major crash expectation.
