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.

According to @GreeksLive, more than $1.15 billion, or about 28% of total BTC options volume in the past 24 hours, flowed into shallow out-of-the-money puts expiring this week and this month, with strikes concentrated in the 10,400–10,800 range (@GreeksLive). According to @GreeksLive, options skew has turned more negative, especially in the short term, with the magnitude of the shift comparable to readings observed on the 11th (@GreeksLive). According to @GreeksLive, this positioning indicates that large liquidity providers and market makers are pricing in substantial downside risk, with sentiment nearing levels seen after the broader market drop on the 11th (@GreeksLive). According to @GreeksLive, aligning with large-player positioning, buying put options as a hedge currently appears the more prudent strategy (@GreeksLive).

According to GreeksLive, community sentiment flipped from early bullish targets at 115–116k to caution after price weakened near 113k (source: GreeksLive). According to GreeksLive, traders attributed the increased volatility to Trump-related headlines and possible market manipulation, heightening intraday swings (source: GreeksLive). According to GreeksLive, key levels are 114k for upside reclaim and 110k to the downside, with concern over long-dated put skew even as BTC’s broader trend remains technically intact (source: GreeksLive). According to GreeksLive, options desks are deploying long strangles to monetize news-driven volatility, reflecting a range-trading bias (source: GreeksLive). According to GreeksLive, a preferred setup is to wait for a 114k reclaim before buying calls targeting 116k while maintaining protective puts below 110k into week’s end (source: GreeksLive). According to GreeksLive, some traders are selling calls against puts and using short straddles plus underlying to manage complex delta, though execution has been difficult amid whipsaw price action (source: GreeksLive).

According to the source, BTC options markets show traders paying up for downside protection as put prices outpace calls while 30-day implied volatility sits near a two-year low, indicating elevated demand for hedges despite subdued vol (source: Deribit). This positioning contrasts with supportive macro tailwinds cited in the market, including a recent U.S. policy rate cut and the SEC’s accelerated handling of crypto ETF filings (sources: Federal Reserve; U.S. SEC). For execution, the rich put skew versus low overall IV favors cost-controlled structures such as bear put spreads or protective collars over outright long puts to mitigate theta and skew costs (source: Deribit). Near-term risk management should account for potential sharp moves where skew implies improved downside payoff asymmetry if BTC weakens, while low IV increases carry risk if spot remains stable (source: Deribit).

According to QCPgroup, options flow data indicates that traders are positioning tactically bullish on BTC, focusing on 29AUG25 call flys at the 118k, 124k, and 126k strike prices, with the maximum payoff at 124k. The current put skew remains elevated, suggesting ongoing caution, but has not reached panic levels. A move in BTC price back above 115k could help normalize the skew, potentially impacting near-term volatility and directional bias. Source: QCPgroup.

According to @GreeksLive, the current put skew suggests that a significant number of traders are holding long put positions. This indicates a bearish sentiment in the market, as traders are anticipating potential declines in asset prices. Monitoring this trend could provide valuable insights for trading strategies.