Bitcoin Options Traders Hit Peak Defensiveness at ₱1.98 trillion ($33 billion)
Bitcoin options traders are maintaining extreme defensive positions with put option premiums at record levels, even as spot markets stabilize and volatility falls. VanEck's latest report shows institutional players bracing for deeper losses despite steady prices.
Key Takeaway
Record put premiums signal either capitulation bottom or institutions bracing for deeper crash.
Bitcoin options traders pushed the put-to-call ratio to 0.84 last month, matching the peak defensiveness seen right before the June 2021 crash.
That level ranks in the 91st percentile of bearish sentiment since mid-2019, according to VanEck's latest Bitcoin ChainCheck report. The monthly average put-to-call ratio hit 0.77, meaning traders bought 77 put options for every 100 call options — the highest sustained bearish bet in five years.
VanEck said institutional options traders are maintaining extreme defensiveness despite dropping futures funding rates, falling realized volatility, and spot market stabilization. Total open interest in Bitcoin options now sits at ₱1.98 trillion ($33 billion).
The last time the put-to-call ratio hit 0.84 was June 2021, right before Bitcoin crashed from ₱3,839,969 ($64,000) to ₱1,799,986 ($30,000). The selloff bottomed at ₱1,739,986 ($29,000) before Bitcoin recovered to ₱3,599,971 ($60,000) by November. Traders now face the same question: does peak fear mark the bottom, or do institutions see a deeper crash coming?
Bitcoin traded near $69,000 on March 18, 2026, when tensions escalated between Iran, Israel, and the US. Spot markets have held steady since then, but options traders aren't convinced the worst is over.
This article was written based on reporting from Dlnews.
