Bitcoin Options Signal Growing Fear as Traders Hedge for $60K Retest

[madtrader]

BTC two-month options delta skew (put-call) at Deribit. Source: laevitas.ch

Professional traders are increasingly paying up for downside protection as Bitcoin struggles to hold support above $66,000. After rejecting near $71,000, BTC entered a downward spiral, and options data now shows a 13% premium on put (sell) options compared to calls. In neutral conditions, the delta skew typically ranges between -6% and +6%, making the sustained 13% skew a clear sign of defensive positioning.

On Deribit, bearish strategies such as bear diagonal spreads, short straddles, and short risk reversals have dominated recent trading. These setups either lower the cost of betting on downside moves or profit from stagnation and mild declines. The data suggests traders aren’t panicking — but they are actively positioning for a potential retest of $60,000 rather than betting on a sharp recovery.

[johnblockbuster]

bear diagonal spreads and short risk reversals everywhere… traders basically saying “I don’t trust this bounce.”