Bitcoin options flash extreme fear as downside-hedge premium hits record high

VanEck says sentiment in Bitcoin options has turned sharply defensive, with the put/call open-interest ratio climbing to 0.84—its highest since China's mining crackdown in June 2021. Over the past 30 days, traders paid about $685 million in put-option premiums, while call premiums slid 12% to $562 million. Put premiums also rose to roughly 4 basis points relative to spot volume, around three times the level seen during the Terra/Luna collapse. VanEck adds that, historically, similar fear signals have been followed by average BTC gains of about 13% over the subsequent 90 days.