Bitcoin $20,000 put option is third most popular strike ahead of quarterly expiry

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin $20,000 put option is third most popular strike ahead of quarterly expiry Nearly $600M in deep out-of-the-money puts highlights tail-risk positioning, though flows point more to volatility strategies than to outright bearish bets. By James Van Straten | Edited by Stephen Alpher Mar 19, 2026, 2:34 p.m. Make us preferred on Google OI By Strike Price (Deribit) What to know : The $20,000 put on bitcoin is the third-most-popular strike, with $596 million in notional value, alongside major positioning at $75,000 and $125,000 on Deribit. Despite geopolitical tension, options data, including a 0.63 put-call ratio, suggests the market remains slightly bullish overall Nearly $600 million worth of $20,000 bitcoin put options has emerged as the third most popular strike ahead of Deribit’s quarterly expiry, showing how traders are positioning for extreme downside scenarios due to the Middle East conflict. A put option gives the holder the right, but not the obligation, to sell bitcoin at a predetermined price. With bitcoin trading below $70,000, the $20,000 strike is considered deep out of the money, meaning it would only gain value in the event of a sharp market collapse, or a 70% drawdown from current prices. Roughly $596 million in notional value, the total dollar value of underlying contracts, is concentrated at the $20,000 strike, making it one of the three most dominant positions. The others sit at $75,000, with $687 million, and $125,000, with $740 million, highlighting a wide spread of expectations across both downside and upside scenarios. Looking at it from face value, large positioning in a $20,000 put option could suggest fears of a meltdown. However, the structure of the market is more nuanced. Much of this activity is likely driven by traders selling these far out of the money puts to collect premium, reflecting the low probability of bitcoin falling to $20,000 rather than a direct hedge against a crash. In other words, it is often a strategy tied to income generation or volatility positioning, rather than outright bearish conviction. The total notional value of bitcoin options expiring on Deribit is $13.5 billion. While, even though the market is in extreme fear, the options market still leans slightly bullish, with a put call ratio of 0.63, indicating more call options than puts, typically used to express bullish views. Total open interest stands at 195,719 BTC, with 120,236 BTC in calls and 75,482 BTC in puts. Meanwhile, the max pain level, the price at which the largest number of options expire worthless, is $75,000, which could potentially act as a magnet into expiry. As options market makers often hedge around this level, pulling price toward where the greatest number of contracts expire worthless Bitcoin News More For You Bitcoin’s biggest DeFi drawback under attack as OpNet unlocks smart contracts on mainnet By Omkar Godbole , AI Boost | Edited by Sheldon Reback 2 hours ago Bitcoin’s biggest limitation is being challenged as OpNet brings native, yield-generating DeFi directly to the Bitcoin mainnet. What to know : Bitcoin’s biggest limitation is being challenged as OpNet brings native, yield-generating DeFi directly to the Bitcoin mainnet, without requiring bridges or wrapped BTC. The new protocol enables smart contracts, token launches and trading on Bitcoin's layer-1 blockchain, allowing users to put BTC to work while retaining full custody. By embracing Bitcoin’s slower design, OpNet introduces a “SlowFi” model aimed at creating stickier liquidity and a more sustainable DeFi ecosystem. Read full story Latest Crypto News Major League Baseball signs prediction markets pacts with CFTC, Polymarket 14 minutes ago CoinDesk 20 performance update: NEAR Protocol (NEAR) drops 3.3%, leading index lower 1 hour ago Browser maker Opera seeks 160 million CELO stake to become key network stakeholder 1 hour ago XRP treasury firm Evernorth discloses $233.7 million impairment on holdings in SPAC filing 1 hour ago Coinbase faces a multibillion-dollar threat from D.C. but a 'rewards' loophole could protect its stablecoin revenue 2 hours ago Bitcoin’s biggest DeFi drawback under attack as OpNet unlocks smart contracts on mainnet 2 hours ago Top Stories Bitcoin slips below $70,000 as oil surge, Fed pause weigh on risk assets 3 hours ago Crypto.com cuts 12% of staff as it integrates AI across the business for efficiency 2 hours ago Capital is shifting into digital dollars as bitcoin wilts 3 hours ago SEC approves Nasdaq's move to support tokenized securities trading 17 hours ago Bitcoin OGs dump over $100 million in BTC after hawkish Fed dents rate cut hopes 7 hours ago Bitcoin, unusually, outperforms gold as hawkish Fed, oil price fuel risk-off sentiment 4 hours ago