📉 Bitcoin Traders Pile Into $80K Put Options — Deribit Data Shows a Sharp Bearish Shift

The market’s hottest trade is now a big bet against Bitcoin — and it says a lot about where sentiment stands.

The $80,000 Bitcoin put option has become the most crowded trade on Deribit, the world’s largest crypto options exchange. With more than $2 billion in open interest, it has now overtaken both the $85K put and the once-dominant $140K call — signaling a clear pivot toward bearish positioning across the options market.

Options markets act like a psychological X-ray of investor expectations: puts = downside bets, calls = upside bets.

The sudden surge in demand for the $80K put shows that a growing share of traders expect Bitcoin to retest — or fall below — the $80,000 level, one of the most widely watched support zones this cycle. ⚠️

📊 From Bullish Mania to Downside Hedging

Just weeks ago, traders were stacking high-end bullish calls, especially the $140,000 strike, anticipating a major breakout. But with Bitcoin struggling to regain momentum after a sharp correction, sentiment has flipped.

The $85K put, previously the top bearish position, is now the second most popular contract — confirming that traders are reallocating aggressively toward downside protection.

🧠 What Analysts Are Saying

“The popularity of the $80K put shows that traders are increasingly bracing for downside risk,” one market strategist noted. “Options flows suggest caution, even as spot prices attempt to stabilize.”

While open interest doesn’t guarantee price action, it paints a very clear picture of what traders fear most: Bitcoin losing psychological support around $80K.

🔍 Why $80,000 Matters

• 📉 It’s the most important near-term support level
• 💥 Breaking it could trigger fresh liquidations
• 📊 Options clustering around $80K often acts like a magnet in volatile markets

In previous cycles, heavy put open interest has sometimes accelerated short-term volatility — especially when spot prices trade near key strike levels.

📈 Bigger Picture: Stress, Hedging & Uncertainty

Traders aren’t necessarily calling for a full trend reversal — but the shift from euphoric calls to defensive puts shows the market is entering a more cautious phase.

With Bitcoin still recovering from recent sell-offs, options traders appear focused on:

• 🛡️ hedging downside
• 📉 betting on short-term weakness
• 📈 waiting for clearer momentum signals

For now, the options market is sending one message loud and clear: Bulls are on pause. Bears are warming up. 🐻

⚠️ TL;DR

The $80K Bitcoin put is now the most popular options trade on Deribit, surpassing both bearish $85K puts and the previously dominant $140K bullish call. Over $2B in open interest signals growing expectations of a possible retest of the $80K support level. While this doesn’t guarantee a drop, options positioning clearly shows a shift toward caution and downside hedging.