Traders Bet $1.16B on Bitcoin Falling to $75,000

🎰 Options Market Flips Bearish - Puts Match Calls

The $75,000 put option (a bet that Bitcoin falls below $75,000) now has $1.159 billion in notional open interest on Deribit—almost matching the $1.168 billion in $100,000 call options.

What This Means:
For weeks, the $100,000 call option dominated (traders betting on Bitcoin mooning). Now, bearish $75,000 puts are just as popular, showing sentiment has completely flipped.

Options 101:
- Call option: Bet that price goes UP (e.g., BTC to $100K+)
- Put option: Bet that price goes DOWN (e.g., BTC below $75K)

When puts and calls are equal, it shows the market is indecisive—half expect a rally, half expect more pain.

What Traders Are Positioned For:
- Bulls: Hoping for recovery to $100,000+
- Bears: Expecting breakdown to $70,000-$75,000
- Neutral: Waiting for confirmation before entering

Historical Pattern:
When put/call ratios are balanced like this, markets often consolidate in a range before making a decisive move. Don't expect clarity immediately—volatility will continue.

My Take: The fact that $75K puts are as popular as $100K calls tells you the market has no idea where it's going. This is when you stay cash or use tight stops.