Bitcoin Falls Below $100K: How Are Traders Adjusting Their Hedging Positions?

Bitcoin Dips Below $100K as Traders Hedge Against Further Weakness

November 6, 2025

Bitcoin (BTC) fell below $100,000 this week amid macro uncertainty and soft spot ETF demand, prompting increased hedging activity in the options market.

Data from Deribit, the world’s largest crypto options exchange, shows notional open interest — the total dollar value of active BTC options — remains above $40 billion, concentrated in November and December strikes near $110,000. At the same time, demand for $80,000 put options has surged, signaling traders expect further downside.

“The increase in $80,000 puts highlights growing caution as traders hedge against a deeper slide,” Deribit said.

Open interest for the $80,000 put exceeds $1 billion, while the $90,000 put is near $1.9 billion, almost matching the combined $120,000 and $140,000 call options. Some higher-strike calls are overwritten, allowing BTC holders to earn additional yield.

Since reaching $126,000 roughly four weeks ago, BTC has dropped over 18%, pressured by hawkish remarks from Fed Chair Jerome Powell and $1.3 billion in U.S. spot Bitcoin ETF outflows, according to QCP Capital, which noted $1 billion in long liquidations at recent lows.

Ecoinometrics warned that lingering weakness near $100,000 could create a feedback loop, where ETF outflows further weigh on spot prices. BTC trades around $103,200, up 1.9% over 24 hours.