The $80K BTC put is now the most popular options play on Deribit.
Nov 24, 2025, 6: 33 a.m.
A week ago, CoinDesk highlighted a bearish shift in the BTC options market, with the $85,000 put overtaking the $140,000 call as the most popular bet on crypto exchange Deribit.
Now, the $80,000 put has taken the lead, boasting an open interest of just over $2 billion, while the $85,000 put ranks second with $1.97 billion in open interest. Meanwhile, the $140,000 call’s open interest has dropped to $1.56 billion.
The $80,000 put reflects a bet that bitcoin’s spot price will fall below that level. Put buyers are implicitly bearish, while call buyers are bullish.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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