Bearish options accounted for 53.5% of Bitcoin’s options volume this week, as traders sought protection against a 7.3% price drop after Bitcoin fell from a peak of $86,728 to a low of $80,394 on October 8. For the October 16 expiry, the put-to-call ratio hit 1.43, meaning puts outnumbered calls by 43%. Approximately $451 million in notional value for these near-term puts sits at strike prices between $76,000 and $80,000. Total Bitcoin options open interest sits between $37 billion and $37.45 billion, with calls making up roughly 60% of that total, indicating institutional participants are protecting against bearish moves without abandoning their longer-term view on Bitcoin.
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