Bitcoin's $75K Puts Now as Hot as $100K Moonshots

The smart money is hedging its bets. While $1.168 billion still rides on Bitcoin hitting $100,000, nearly the same amount—$1.159 billion—now bets it'll crash below $75,000.

This dramatic shift in options positioning tells a story that goes beyond mere price movements. It reveals how quickly market psychology can flip when reality doesn't match the hype.

When Bulls Turn Defensive

Bitcoin's 10% weekly plunge to nine-month lows below $78,000 has traders scrambling for protection. Put options—essentially insurance policies against further declines—are suddenly as popular as the moonshot calls that dominated post-election trading.

On Deribit, the world's largest crypto options exchange, the $75,000 put now commands almost identical open interest to the $100,000 call. That's a remarkable reversal from the Trump victory pattern, where high-strike calls consistently outpaced downside protection.

"Massive surge in put buying over the past 48 hours right as BTC spot crashed from 88k to 75k," noted pseudonymous observer GravitySucks. "Options traders had these exact price ranges targeted with clear playbooks in place."

The Promise vs. Reality Gap

The irony is stark. Trump's administration has largely delivered on crypto-friendly promises—yet Bitcoin peaked above $120,000 in early October and has been sliding ever since. The delayed crypto market structure bill adds to the frustration.

This disconnect between policy wins and price action reveals a deeper truth: markets don't always reward what seems obvious. Sometimes the best news comes at the worst time for prices.

Significant open interest now clusters around $70,000, $80,000, and $85,000 puts, while higher-strike calls beyond $100,000 lack similar enthusiasm. The market is clearly bracing for more pain.

The Institutional Hedging Game

What's driving this options activity isn't just retail panic—it's sophisticated positioning. Institutional players and funds are implementing "clear playbooks" for these exact scenarios, suggesting this wasn't unexpected volatility but calculated risk management.

The surge in put buying represents more than fear—it's strategic protection. When you're holding significant crypto exposure, buying puts isn't pessimistic; it's prudent.