How Deep Are Bitcoin Traders Hedging After Recent Price Dip Below $100K?

The Deribit-listed Bitcoin (BTC) options market, currently priced around $102,968.82, is revealing growing caution among traders, with some preparing for a potential slide to $80,000 as spot prices show signs of weakness.

Notional open interest in BTC options—the dollar value of active contracts—remains elevated above $40 billion on Deribit, with activity concentrated in November and December strikes near the $110,000 level. However, demand for the $80,000 strike has notably increased, signaling that traders are anticipating a continued sell-off in Bitcoin.

“A notable surge in put options positioned near the $80,000 mark signals traders are increasingly hedging against a deeper slide,” Deribit said.

Deribit, the world’s largest crypto options exchange, accounts for over 80% of global options activity. Options are widely used both to hedge spot/futures market exposure and to speculate on price direction, volatility, and time.

**Understanding Put and Call Options**

A put option gives the purchaser the right, but not the obligation, to sell the underlying asset at a predetermined price on or before a specified future date. It essentially serves as insurance against price drops. Conversely, a call option represents a bullish bet, giving the right to buy the asset.

The $80,000 put option reflects a bet that the spot price will decline below that level by the option’s expiration date. Currently, the $80,000 put option on Deribit has open interest (OI) exceeding $1 billion. Meanwhile, the $90,000 put stands near $1.9 billion in OI—nearly matching the combined open interest of the popular $120,000 and $140,000 call options.

It is important to note that some of the OI in these higher strike calls stems from overwriting, or shorting against long spot positions, rather than outright bullish bets. Bitcoin holders short higher strike calls to generate additional yield on top of their coin stash.

**Bitcoin Price Declines Amid Macro Pressures**

Bitcoin’s price has dropped by over 18% since reaching a record high of more than $126,000 roughly four weeks ago. At one point this week, prices briefly fell below $100,000.

The sell-off coincides with macroeconomic pressures, particularly hawkish commentary from Federal Reserve Chair Jerome Powell, which has weakened demand for spot Bitcoin ETFs.

Singapore-based QCP Capital highlighted this shift in a market update on Wednesday:
“$3 billion in net outflows from U.S. spot Bitcoin ETFs mark a reversal that turned one of 2025’s strongest tailwinds into a near-term headwind.”

They added, “The softer spot demand collided with forced deleveraging, with more than $1 billion in long liquidations at the lows.”

Ecoinometrics issued a recent warning emphasizing that the closer Bitcoin’s price stays to the $100,000 level, the greater the risk of a feedback loop emerging—where price weakness triggers ETF outflows, which in turn puts additional downward pressure on the spot price.

**Current Market Snapshot**

As of writing, Bitcoin is trading at approximately $103,200, representing a 1.9% gain over the past 24 hours. Traders and investors continue to watch closely, balancing between cautious hedging and potential bullish opportunities in the evolving market landscape.
https://www.coindesk.com/markets/2025/11/06/how-deep-are-bitcoin-traders-hedging-after-recent-price-dip-below-usd100k

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