BTC options market sees surge in demand for bearish bets

Demand for put options, a bearish bet on Bitcoin's price, has surged as traders brace for a potential correction, CoinDesk reported, citing data from crypto options exchange Deribit. The open interest for put options with an $80,000 strike price on Deribit has surpassed $1 billion, while puts with a $90,000 strike have reached $1.9 billion. This combined figure is nearly equal to the total open interest for call options with strike prices between $120,000 and $140,000. CoinDesk noted, however, that a significant portion of the high-strike call options likely results from a covered call strategy, where existing BTC holders sell calls to earn premiums rather than making simple bullish bets.