Bitcoin traders are paying record prices to protect against declines, according to VanEck’s Bitcoin ChainCheck from mid-March 2026, a sign that investors remain on the defensive even as spot prices begin to stabilize.
In the report, VanEck senior analysts said the 30-day average bitcoin price fell 19% from the prior period, while realized volatility fell from around 80 to just over 50.
Futures funding rates also fell, from 4.1% to 2.7%, suggesting that leverage speculation has calmed.
Options markets show that investors are being as cautious as possible. VanEck said the put/call open interest ratio averaged 0.77 and peaked at 0.84, the highest level since June 2021, when China cracked down on bitcoin mining.
Traders spent about $685 million on puts over the past 30 days, while call premiums fell 12% to about $562 million, the report added. Relative to spot volume, put premiums reached around 4 basis points, an all-time high according to VanEck data.
“Relative to spot volume, put premiums reached an all-time high of approximately 4 basis points, approximately 3 times the levels seen in mid-2022 following the collapse of the Terra/Luna stablecoin and the Ethereum staking liquidity crisis,” the report said.
This means that investors pay insurance against further losses.
VanEck said this type of fear has often marked turning points rather than new ruptures. The company found that over the past six years, similar options distorting readings have been followed by average bitcoin gains of 13% over 90 days and 133% over 360 days.
The report also highlights that on-chain activity has remained weak while miner sales remain contained.
