Bitcoin traders have increased bearish bets in recent days, with heavy buying of short- and near-dated put options on Deribit that reach as far down as $52,000. As of writing, Bitcoin is trading around $62,400, down 0.8% since midnight UTC, after prices earlier this week reached highs near $67,000. Reported expirations for these put positions span from June 22 to July 31, and the concentrated activity was tracked in market data over the last 24 to 48 hours and included out-of-the-money strikes positioned below current levels during the same period.
Deribit has seen heavy buying of short- and near-dated put options concentrated within the last 24 to 48 hours. The purchased contracts were out-of-the-money strikes positioned below prevailing market levels and showed concentrated volume across short-term expirations. Market records captured the intensity of the activity on the exchange. Traders’ uptake of these out-of-the-money puts reflects bearish sentiment in the options market.
Reported expirations for the observed put positions span from June 22 to July 31. The range includes a series of near-term expiry dates clustered toward the end of June and across July. The trades were executed on Deribit and were tracked in market data. Together, the expiration window and the concentration of recent buying define the timeframe and character of the bearish put option activity.
Strategy is the largest publicly listed bitcoin holder, and its preferred stock, STRC, has plunged to well below its $100 par value amid recent bearish market conditions. The decline in STRC’s market price coincided with increased bearish sentiment across bitcoin markets. This period included heavy buying of short- and near-dated put options on Deribit that extended to lower strike levels. These market developments were recorded in contemporaneous market data.
Market commentator Jeff Dorman posted a direct critique on X: “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,” he said on X. The statement referenced selling BTC and MSTR as potential actions to restore STRC toward its par value. The comment linked the stock’s decline to uncertainty within Strategy’s capital structure. The remark was published on X.
Recent heavy buying of out-of-the-money put options on Deribit has contributed to a broadly bearish tone in bitcoin markets, with traders concentrating short- and near-dated contracts at lower strike levels. Bitcoin has moved from recent highs earlier this week to lower current levels, and Strategy’s preferred stock STRC has plunged well below its par value, reflecting the cautious, bearish market environment.
