Bears Hit the Bid: Deribit Punts Pile Up All the Way Down to $52K 🐻

Bitcoin traders are loading up on bearish options in size, snapping up puts on Deribit that would pay out if BTC slides as low as $52,000 over the next six weeks. Deribit has registered heavy demand for short- and near-dated puts, with strikes stretching from $61,500 down to $52,000 across June, July and late-July expiries, according to data tracked by Laevitas.

The flow has been concentrated and consistent. In the past 24 to 48 hours, traders purchased 337 contracts of June 22 $61,500 puts, 116 contracts of July 3 $60,000 puts alongside 380 contracts of July 3 $55,000 puts, 540 contracts of July 10 $55,000 puts, and 314 contracts of July 31 $52,000 puts. Each Deribit options contract represents one BTC.

The rush into out-of-the-money puts comes as several headwinds weigh on the market, including a hawkish Federal Reserve that has bolstered the U.S. dollar and persistent outflows from spot bitcoin ETFs. Strategy, the largest publicly listed corporate holder of BTC, is also facing pressure as its preferred stock, STRC, has plunged to record lows well below its $100 par value, complicating the company's aggressive bitcoin accumulation strategy. Arca CIO Jeff Dorman addressed the situation on X, stating: "Either sell an enormous amount of BTC and MSTR to help bring $STRC back up near par, and at least buy yourself some time, or continue to watch every part of your cap structure melt because of the uncertainty you've created."

As of writing, BTC changed hands near $62,400, down 0.8% since midnight UTC, according to CoinDesk data. Prices had touched highs near $67,000 earlier in the week, underscoring how quickly sentiment has soured.