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 cryptocurrency exchange Deribit.
Now, the $80,000 put has taken the lead, with open interest of just over $2 billion, while the $85,000 put is in second place with $1.97 billion in open interest. Meanwhile, the open interest on the $140,000 call option has dropped to $1.56 billion.
The $80,000 put option reflects a bet that the spot price of bitcoin will fall below that level. Buyers of puts are implicitly bearish, while buyers of calls are bullish.
