TL;DR:
- Bitcoin’s 25% monthly slide has triggered aggressive downside hedging.
- Traders are heavily buying $75K puts, with puts making up over 65% of weekly options activity.
- Glassnode says the market shows no signs of a bottom yet, suggesting BTC could push toward the $75K region.
Bitcoin’s latest downturn is triggering a wave of defensive positioning across the derivatives market, as traders brace for a scenario few expected just weeks ago. With volatility rising and sentiment cooling, the mood around BTC has shifted into a state of uneasy watchfulness.
75K Put Premium
Short- and mid-term 75K puts have been heavily bought since BTC lost the 94K level. The options market isn’t signaling a bottom yet and is leaning toward the risk of a deeper move.https://t.co/EjNiVN7l4F pic.twitter.com/tvLWG9SVM7
— glassnode (@glassnode) November 21, 2025
Options Flow Signals Traders Are Preparing for Deeper Losses
Bitcoin has shed more than 25% this month, sliding to the $83,700 range after losing the $94,000 support earlier in the week. What’s catching the market’s attention isn’t just the price drop itself but how aggressively traders are moving to hedge against even deeper losses.
Blockchain analytics from Glassnode show that BTC traders have been heavily buying short-term $75,000 strike put options on Deribit—bets that Bitcoin will fall below that level. The setup mirrors the behavior traders displayed during the early April correction, when BTC briefly bottomed near $74,000.
Glassnode emphasized that the market isn’t flashing any signs of capitulation yet, noting that the options landscape “isn’t signaling a bottom and is instead leaning toward the risk of a deeper move.” That message adds to a growing sense that the current downturn may not be finished.
Another shift adding to the bearish tone is the dominance of the $85,000 put, which has overtaken the previously popular $140,000 call option. The rotation from high-upside calls to defensive puts is shaping the derivatives landscape into something markedly more cautious.
Over the past week, put options have accounted for more than 65% of all BTC options activity, pointing to broad downside hedging. According to Glassnode, some traders are also taking advantage of the volatility environment—selling elevated short-dated volatility and buying longer-dated contracts to capitalize on moments when the market becomes dislocated.
Taken together, the flows paint a picture of a market repositioning quickly, bracing for the possibility that Bitcoin could retest—or even fall below—the mid-$70,000 region. With no clear bottom forming in options data, caution is becoming the dominant stance among active traders.
