Bitcoin Options and Futures Show Rising Bearish Positioning Targeting $52,000 Support

Bitcoin traders are stepping up bearish positioning, with stronger demand for options that would profit if the downturn deepens.

Market participants are increasingly buying put options that would pay out if Bitcoin falls toward the $52,000 level in the coming weeks, reflecting growing expectations of further downside.

Over the past 24 to 48 hours, Deribit data tracked by Laevitas shows a clear rise in short- and near-dated put buying across expirations from June 22 to July 31. Notable flows include June 22 $61,500 puts (337 contracts), July 3 $60,000 puts (116 contracts) and $55,000 puts (380 contracts), July 10 $55,000 puts (540 contracts), and July 31 $52,000 puts (314 contracts).

Put options act as protection against price declines, giving holders the right to sell Bitcoin at a fixed strike price. If BTC drops below that level, the option gains value because it allows the holder to sell above market price. On Deribit, each contract represents one BTC.

The concentration of demand in out-of-the-money puts signals a distinctly bearish shift in sentiment, shaped by both macroeconomic pressure and crypto-specific weakness.

A more hawkish Federal Reserve has supported the U.S. dollar, while spot Bitcoin ETFs continue to record persistent outflows. At the same time, Strategy—the largest publicly traded corporate holder of Bitcoin—is facing increasing financial strain.

Its preferred stock, STRC, has fallen below its $100 par value, adding pressure to its broader Bitcoin accumulation strategy.

Arca CIO Jeff Dorman said the situation is becoming increasingly fragile, warning that the firm may eventually need to sell significant Bitcoin holdings or risk further deterioration across its capital structure amid rising uncertainty.

At the time of writing, Bitcoin was trading near $62,400, down roughly 0.8% since midnight UTC, after briefly touching highs near $67,000 earlier in the week.