A week ago, CoinDesk highlighted a bearish shift in the BTC options market, with the $85,000 put surpassing the $140,000 call as the most popular bet on crypto exchange Deribit.
Today, the $80,000 put took the lead, with open interest of just over $2 billion, while the $85,000 put ranked second with $1.97 billion in open interest. Meanwhile, the open interest of the $140,000 call fell to $1.56 billion.
The $80,000 put reflects a bet that the Bitcoin spot price will fall below this level. Put buyers are implicitly bearish, while call buyers are bullish.
