According to the source, Bitdeer increased its BTC put holdings to 2,126.8 BTC, indicating a substantial build-up of downside options exposure. Source: X post dated Oct 19, 2025. In crypto options markets, large put accumulation typically supports higher near-term implied volatility and a steeper 25-delta put skew, which traders track for downside protection costs. Source: Cboe Options Institute; Deribit Insights. Crypto options positions are commonly quoted in underlying units (BTC), and concentrated put open interest can affect dealer hedging flows when clustered near key strikes. Source: Deribit documentation; Cboe Options Institute. Traders can monitor BTC DVOL, 25-delta skew, and front-week versus back-week term structure to gauge whether hedging demand is tightening or easing. Source: Deribit DVOL methodology; Deribit Insights. Mining-related firms often use derivatives to manage spot price risk, making such flows relevant to BTC derivatives liquidity and volatility. Source: CME Group education on hedging; Bitdeer Technologies Group investor relations.