Traders are betting big on Bitcoin sliding past $75,000, moving away from positions expecting price gains.

Bitcoin Traders Bet Billions on $75,000 Puts as BTC Hits Nine-Month Lows

Bitcoin traders are increasingly betting on declines, marking a sharp contrast to the post-Trump-election trend of high-strike call enthusiasm.

BTC has dropped nearly 10% this week, falling below $78,000, according to CoinDesk. The slump has spurred demand for put options—contracts that protect against price drops—similar to insurance shielding against losses.

On Deribit, the world’s largest crypto options exchange, $75,000 puts now account for $1.159 billion in open interest, nearly matching the $1.168 billion tied up in $100,000 calls. Each contract represents 1 BTC, highlighting the shift from bullish bets on six-figure gains to hedges against further losses.

“[There has been a] massive surge in put buying over the past 48 hours, right as BTC fell from 88k to 75k,” pseudonymous observer GravitySucks noted on X, adding that traders and funds had clear strategies targeting these ranges.

While $75,000 puts dominate, notable activity also exists at $70,000, $80,000, and $85,000 strikes. High-strike calls, apart from $100,000, remain largely quiet.

This trend reverses patterns seen after Trump’s 2016 election, when traders favored high-strike calls in anticipation of a pro-crypto regulatory boost. Despite partial regulatory progress, Bitcoin’s rally stalled above $120,000 in early October and has since fallen, with delays in the crypto market structure bill adding pressure.