Less than 5% of Bitcoin put options sit above $84,000 as bullish bets dominate

When the vast majority of your insurance policies don’t cover the thing you’re insured against, you have a problem. That’s roughly where Bitcoin bears find themselves right now. Fewer than 5% of Bitcoin put options carry strike prices above $84,000, meaning most bearish positions and hedging strategies are effectively worthless at current spot prices. With Bitcoin trading near $84,500, the options market is telling a clear story: the crowd is positioned for more upside, not a retreat. What the options data actually says Total Bitcoin options open interest sits between approximately $39.8 billion and $40 billion, according to data from Deribit. The put-to-call ratio stands at 0.70, meaning call options, which profit when prices rise, outnumber puts by a meaningful margin. Maximum pain for near-term expiries clusters around $83,500. Max pain is the price at which the largest number of options contracts expire worthless, and it acts as a gravitational center for short-dated prices as expiry approaches. Put concentration has also migrated. As recently as mid-October, substantial put open interest existed in the $76,000 to $80,000 range, with hundreds of millions in notional value stack...