A week ago, CoinDesk highlighted a bearish shift in the BTC options market, with $85,000 puts overtaking $140,000 calls as the most popular bet on cryptocurrency exchange Deribit.
Currently, the $80,000 put is in first place with an open interest of just over $2 billion, while the $85,000 put is in second place with an open interest of $1.97 billion. Meanwhile, open interest for $140,000 calls decreased to $1.56 billion.
The $80,000 put reflects a bet that Bitcoin’s spot price will fall below that level. Put buyers are implicitly bearish while call buyers are bullish.
BTC options: distribution of open interest. (Delibit)
