Bitcoin traders are rushing to acquire options that would yield returns should the market decline further.
By Omkar Godbole Jun 19, 2026, 5:02 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on BTC traders prepare for a potential downturn. (xing419/Pixabay)SummaryShow- Traders are actively purchasing short- and near-term put options on Deribit, indicating a belief in a potential price decline toward $52,000.
- This surge in out-of-the-money puts is a reflection of increasing bearish sentiment, influenced by a hawkish Federal Reserve, a robust dollar, and difficulties faced by major BTC holders.
Bitcoin BTC$62,663.81 traders are positioning themselves for a possible market downturn, acquiring put options that could yield significant returns if prices drop to $52,000 in the near future.
Within the last 24 to 48 hours, there has been a noticeable uptick in the purchase of short- and near-dated put options on the Deribit exchange, with expiration dates from June 22 to July 31, as reported by Laevitas. Key transactions included:
- 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)
- July 31 $52,000 puts (314 contracts)
A put option serves as a form of insurance against market declines. When purchasing a put, the buyer secures the right to sell bitcoin at a designated price in the future. If the market price drops below this strike price, the buyer can sell at the previously agreed higher price, thereby profiting from the difference. Each options contract on Deribit corresponds to one BTC.
The increase in these out-of-the-money puts signifies a strong bearish outlook, which is understandable given the multiple factors impacting the market.
The hawkish stance of the Federal Reserve is strengthening the U.S. dollar, while bitcoin ETFs are experiencing ongoing outflows, and Strategy, the largest publicly traded bitcoin holder, is under increasing pressure.
Strategy's preferred stock, STRC, has fallen to unprecedented lows, significantly below its $100 par value, complicating the company’s aggressive bitcoin acquisition tactics.
Arca CIO Jeff Dorman pointed out the challenging scenario: "Either sell a substantial amount of BTC and MSTR to help restore $STRC closer to par, buying some time, or continue to watch every aspect of your capital structure deteriorate due to the uncertainty you've generated," he stated on X.
At the time of writing, BTC was trading around $62,400, a decrease of 0.8% since midnight UTC, according to data from CoinDesk. Earlier this week, prices peaked near $67,000.
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
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In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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