A week ago, CoinDesk highlighted a bearish shift in the BTC options market, with the $85,000 put overtaking the $140,000 call as the most popular bet on crypto exchange Deribit.
Now the $80,000 put has taken the lead, boasting just over $2 billion in open interest, while the $85,000 put is in second place with $1.97 billion in open interest. Meanwhile, the $140,000 call open interest has fallen to $1.56 billion.
The $80,000 put reflects a bet that bitcoin’s spot price will fall below this level. Put buyers are implicitly bearish, while call buyers are bullish.
