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

With most bearish hedges now out of the money, the options market is flashing a clear directional signal. 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. Total Bitcoin options open interest sits between approximately $39.8 billion and $40 billion, according to data from Deribit.

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