Traders Prepare for Bitcoin Drop to $75K as Analysts Highlight Absence of Bottom

Bitcoin (BTC $87,690.79) has tumbled over 25% this month to roughly $83,700, as traders prepare for the possibility of further declines.

Blockchain analytics firm Glassnode reports that investors have been actively buying short-term BTC put options at the $75,000 strike on Deribit, following Bitcoin’s drop below $94,000 earlier this week.

The $75K put reflects a bet that Bitcoin could fall below that level, echoing the early April low near $74,000. Glassnode noted on X that “the options market isn’t signaling a bottom yet and is leaning toward the risk of a deeper move.”

CoinDesk has highlighted a marked bearish shift in the Bitcoin options market, with the $85,000 put option now dominating, overtaking the previously popular $140,000 call option.

Put options have made up more than 65% of total options activity over the past week, signaling aggressive downside hedging. Glassnode added that traders are also leveraging volatility spreads, selling short-dated volatility while buying longer-dated contracts to take advantage of market dislocations.