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$60,000 Bitcoin put becomes top Deribit position as August turns bearish

Deribit options data shows the $60,000 put holds $1.17 billion of notional open interest, while higher strike calls have fallen after the Fed decision.

Reported · Written up by our desk · Market Structure

CoinDesk reports that as July ends, Bitcoin options positioning is shifting toward downside hedges ahead of August. On Deribit, the $60,000 BTC put is now the most popular bet, with $1.17 billion in notional open interest.

The outlet notes that earlier in the month, bullish call buying dominated. At one point, call options at the $70,000 and $72,000 strikes led the market, each with $2.5 billion in notional open interest, driven by traders positioning around the U.S. Federal Reserve meeting.

CoinDesk says the Fed outcome did not match those upside expectations, contributing to call closures around Friday’s 08:00 UTC expiry, when BTC and ether (ETH) options worth $10 billion settled. After that, notional open interest on the $70,000 call fell to $943 million and on the $72,000 call to $888 million.

The newsletter also points to seasonality, citing CoinDesk data that July has produced a median return of 8.6% since 2013, while August has a median return of -7.5%. It adds that BTC is up 8.9% for July so far.

Latest closeBitcoin $62,929.67 ▼2.8%|Ethereum $1,861.61 ▼2.9%

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