Bitcoin ETF and Corporate Treasury Investors Buy $60,000 Put Options on Deribit as Hedge

Bitcoin ETF holders and corporate treasuries have been buying six-month and one-year put options at $60,000 and lower strikes as portfolio insurance, Deribit chief commercial officer Jean-David Péquignot said. The contracts, where one equals one BTC and open interest at the $60,000 strike totals $1.50 billion, allow holders to sell bitcoin at $60,000 even if prices fall below that level. Péquignot noted 30-day puts trade at about a 7% volatility premium over calls, with the 25-delta risk reversal elevated despite bitcoin trading around $67,500 after recent lows near $60,000, CoinDesk data show. He added volatility could intensify if prices move below $63,000 because dealers and market makers on Deribit are short gamma at $60,000 or lower, which may lead them to sell additional BTC as prices approach that level.