Market Mood Turns Cautious as $80K Bitcoin Put Becomes Top Pick Among Investors

Traders Flock to $80K Bitcoin Puts Amid Rising Market Jitters

Bitcoin options traders are bracing for potential downside as bearish sentiment sweeps through the crypto market, marking the most defensive positioning since the 2023 U.S. banking crisis.

The $80,000 BTC put has become the most heavily traded option on Deribit, signaling growing concern among investors. Data from Amberdata shows over 10,278 open contracts for the $80K strike—representing roughly $864 million in notional open interest—making it the top choice for hedging.

This marks a stark reversal from earlier in 2025 when traders were bullish, favoring $100K and $120K call options. In January, the $120K call was the most popular trade with nearly $1.5 billion in open interest. By February, the $100K call had taken the lead. Now, risk-off sentiment has firmly taken hold.

Driving this pivot is a mix of market and macroeconomic pressure. Bitcoin fell more than 11% in the first quarter, dipping below the $80K mark amid concerns about global trade tensions and weak institutional support. Former President Donald Trump’s anticipated announcement of sweeping tariffs has added to the unease, stirring fears of a renewed trade war.

“The volatility skew has turned sharply toward downside protection,” Block Scholes said in a Wednesday note. “BTC options are now showing the most aggressive tilt toward out-of-the-money puts since the regional bank collapses of early 2023.”

The firm added that while Ether (ETH) options have partially recovered from a similar bearish skew, short-term contracts are still reflecting nervous sentiment.

With geopolitical uncertainty looming large and investors shifting strategies, bitcoin’s near-term outlook hinges heavily on Wednesday’s tariff announcement—and how markets digest the potential fallout.