Deribit Exchange Sees Surge in Bitcoin Put Options as Traders Hedge Against Potential Drop to $100,000
Cryptocurrency markets are showing caution signals as traders increasingly seek downside protection. The put-to-call ratio on Deribit has jumped to 2.17, with $100,000 June put options recording the highest open interest. This defensive strategy comes despite Bitcoin maintaining 50% gains since November, currently trading near its all-time high of $111,980 reached on May 22.
Deribit's options data highlights a notable imbalance—traders are buying two put options for every call option. The $100,000 strike price dominates June 20 expiry contracts, showing a 1.16 put-call ratio, indicating growing concerns about potential market corrections. Such hedging activity often precedes volatility surges, especially around key psychological price levels.
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