Bitcoin’s options market is in the most bearish positioning of the year, with the $80,000 put overtaking all other contracts.
By Parth Dubey
Editor Hamza Tariq
Updated
2 mins read
Bitcoin’s BTC $88 251 24h volatility: 1.5% Market cap: $1.76 T Vol. 24h: $76.95 B options market is swinging heavily toward bears, with the $80,000 put now emerging as the most popular contract on Deribit.
The put option holds over $2 billion in open interest, surpassing the $85,000 put at $1.97 billion.
The once-dominant $140,000 call has seen its open interest drop to $1.56 billion, as per Deribit data. The rise in put demand indicates that investors expect Bitcoin to crash below $80,000.
On-chain data from CryptoQuant shows clear capitulation among short-term holders. If this is a standard correction, current levels could form a bottom.
However, if a bear cycle is beginning, the decline may continue. The critical level remains $80,000 and falling below it increases the chances of a crypto winter.
Swissblock added that, historically, Bitcoin tends to experience another momentum-driven drop to clear liquidity pockets in the $80,000 to $82,000 region.
They argue that such a move would create the strongest setup for a larger push upward.
Historically speaking, we would expect another lower momentum drop to take out the $80 to $82k liquidity clusters.
This will be the strongest setup for a larger move up. https://t.co/SVJRTjFs0W
— Swissblock (@swissblock__) November 24, 2025
Meanwhile, analyst Ted Pillows warned that failure to reclaim the $88,000 to $90,000 range soon may open the door to fresh monthly lows.
On the other hand, CryptoQuant analysts revealed that the sSOPR metric has been forming a nearly two-year convergence, now rebounding off its lower boundary.
$BTC got rejected from its resistance level.
If Bitcoin doesn't reclaim the $88,000-$90,000 level soon, it could drop towards a new monthly low. pic.twitter.com/jLLy82OSL6
— Ted (@TedPillows) November 24, 2025
They note that Bitcoin has not yet experienced a true bullish rally in this cycle due to ETF-driven delays and large-scale accumulation.
With that accumulation phase nearing its end, they believe a new uptrend is beginning to take shape.
Although the market remains in the state of “Extreme Fear” with Fear and Greed Index reading 12, analysts also agree that a catastrophic drop of 70% or more seen in previous bear markets is unlikely to happen this cycle.
The 11 US-listed spot Bitcoin ETFs processed more than $40.32 billion in cumulative volume last week.
BlackRock’s IBIT accounted for nearly 70% of the total, with $27.79 billion traded during the week and $8 billion on Friday alone.
At the same time, Bitcoin has dropped 23% in the past month to $86,700, briefly falling to nearly $80,000 on some exchanges.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
