Bearish options made up 53.5% of Bitcoin’s options volume this week

Bitcoin traders spent the week shopping for insurance. Bearish options accounted for 53.5% of Bitcoin’s options volume this week, according to data shared on X. The post framed the shift as a sign of institutional demand for downside protection. A selloff, then a scramble for hedges Bitcoin fell roughly 7.3% from a peak of $86,728 to a low of $80,394 on October 8. As of October 12, Bitcoin had stabilized in the $83,500 to $83,750 range. That bounce did not calm the options market. For the October 16 expiry, the put-to-call ratio hit 1.43, which means puts outnumbered calls by 43%. A put option gives the holder the right to sell at a set price, so it pays off when prices fall. A call does the opposite and profits when prices rise. Around $451 million in notional value for those near-term puts sits at strike prices between $76,000 and $80,000. The bigger picture still leans bullish Total Bitcoin options open interest across platforms sits somewhere between $37 billion and $37.45 billion. Calls make up about 60% of that total. Open interest put-to-call ratios have hovered between 0.66 and 0.71, which is firmly call-leaning. Much of that call positioning targets longer-dated strikes, s...