Traders buy more puts after Bitcoin’s $75,000 rejection
Title: Glassnode: Bitcoin options OI hits ATH; puts bid up; IV falls into Mar 27 expiry
Bitcoin failed again at $75,000. Options data shows record open interest, a put-heavy tilt, and fading implied vol ahead of the March 27 quarterly expiry.
Glassnode reports options Open Interest at a new all-time high before Friday’s expiries. They note this spike can reflect short-term hedging. They expect post-expiry flows to clarify positioning and sentiment. Source: Glassnode.
Key datapoints:
- OI at ATH into expiry. Could be hedges rather than fresh directional risk. Glassnode
- 1-week IV fell from 70% to 53%. Longer maturities down ~10 vols. Glassnode
- 25-delta skew moved to 15–20% toward puts after the $75k rejection. Indicates pricier downside protection. Glassnode
- Taker flows turned defensive: “Puts Bought” led with 30.7% share vs 20.9% for “Calls Bought.” Put/Call flows dominated above $72k, flagging low conviction in the breakout; a brief dip-buying in calls faded. Glassnode
- Next check-point: quarterly options expiry on March 27. Glassnode
Bottom line for crypto investors: positioning is elevated, vol is compressing, and demand for protection has risen after the $75k failure. Glassnode
