Selling Put Options Emerges as a Popular Tactic for Bitcoin Traders Seeking Long-Term Gains

Bitcoin Options Market Shows Maturity as Traders Sell Cash-Secured Puts for Yield and Accumulation

Bitcoin traders are increasingly leaning on sophisticated options strategies that suggest both confidence in BTC’s long-term value and a desire to accumulate the asset at discounted levels. According to Deribit’s Lin Chen, there’s been a marked rise in the sale of cash-secured put options funded by stablecoins.

This approach, often likened to selling insurance, involves writing put options and collecting premiums while being fully collateralized with stablecoins. If BTC’s price drops below the strike, the seller is obligated to purchase the asset—essentially acquiring bitcoin at a perceived discount, while earning income if the options expire worthless.

“This uptick in cash-secured put selling reflects a shift toward more mature and strategic BTC accumulation,” said Chen, Deribit’s Asia Business Development Head. “It’s a clear expression of longer-term bullish sentiment.”

The strategy is being complemented by covered call writing, where BTC holders sell calls at higher strikes to generate yield on their existing positions. This has had a dampening effect on implied volatility, as reflected in Deribit’s DVOL index, which declined from 63 to 48 following BTC’s early April dip to $75,000.

Despite the brief correction, BTC has rebounded strongly, now trading above $92,000. This recovery, supported by renewed institutional interest and macroeconomic uncertainty, has re-ignited demand for bullish option plays. Traders have been actively accumulating call options at $95K, $100K, and $135K strikes through Paradigm. The $100K strike currently leads in popularity on Deribit, with over $1.6 billion in open interest.

Rising Delta Exposure Highlights Option Market’s Growing Impact

As the options market gains in size and complexity, its influence on BTC price dynamics becomes harder to ignore. Volmex reports a cumulative delta of $9 billion across Deribit and ETF-linked BTC options (including BlackRock’s IBIT), reflecting significant sensitivity to spot price movements.

Delta—used to gauge an option’s price reaction to underlying asset changes—becomes a critical metric when large open interest builds. With $43 billion in total outstanding BTC options notional, this level of delta suggests that price swings can trigger meaningful hedging activity.

“Option market makers are now managing record levels of delta exposure due to shifting strikes and growing open interest,” Volmex noted. “These hedging flows are increasingly contributing to short-term price volatility.”

Interestingly, crypto-native traders on Deribit appear to maintain a more bullish posture compared to those engaging with ETF-linked options. The divergence underscores how sentiment and strategy can vary between retail/institutional and on-chain/off-chain participants.