Bitcoin Plummets: Traders Scream “Catch Me at $75K!” 🪂💸

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Markets

What to know:

  • BTC traders are hedging like their lives depend on it, clutching $75K puts on Deribit like a life preserver in a sea of red. 🌊🔴
  • Put options are the new black, accounting for most of the action this week. Because who doesn’t love a good doom-and-gloom party? 🎉💔

Bitcoin has taken a nosedive, plummeting over 25% to $83,700 this month. It’s like the cryptocurrency decided to audition for a role in Free Solo, but without the safety net. 🧗‍♂️💥

According to Glassnode, traders are snapping up short-term BTC put options at $75,000 like they’re going out of style. Apparently, $75K is the new black-or should I say, the new bottom? 🤔🕳️

The $75K put option is basically a bet that Bitcoin will take another header, just like it did in early April when it face-planted at $74,000. History doesn’t repeat, but it does do a mean encore. 🎭🔁

Glassnode chimed in on X (because who uses email anymore?): “The options market isn’t signaling a bottom yet and is leaning toward the risk of a deeper move.” Translation: Buckle up, buttercup, it’s gonna get bumpy. 🏎️💨

CoinDesk recently pointed out that the $85,000 put option is now the belle of the ball, replacing the once-popular $140,000 call option. It’s like the crypto world’s version of The Bachelor, but with fewer roses and more tears. 🌹😭

Put options have dominated over 65% of all options activity this week, proving that traders are hedging like their portfolios depend on it (spoiler: they do). Glassnode notes that some are also exploiting volatility spreads, selling short-dated volatility and buying longer-dated contracts. Because why not add a little chaos to the chaos? 🎲🌀

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2025-11-21 18:12