Bitcoin edges above $77,000, but institutional activity suggests downside hedging

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin edges above $77,000, but institutional activity suggests downside hedging BTC rises on steady volume and strong technical structure, but surging put interest and muted prediction market odds point to defensive positioning. By Jamie Crawley , CD Analytics | Edited by Sheldon Reback May 1, 2026, 9:25 a.m. 1 min read Make preferred on (CoinDesk) What to know : Bitcoin (BTC) rose more than 1.2% during the European morning to reach just shy of $77,500 , capping an advance of about 1.7% in the last 24 hours. Derivatives markets may tell a cautious story. Open interest in the June 26 $76,000 put option surged almost 23%, pointing to increased downside protection near current price levels. Bitcoin worth over $770 million has been sent to exchanges in the last week, an action generally regarded as a pre-sale step. Bitcoin BTC $ 77,327.93 rose more than 1.2% during the European morning to reach just shy of $77,500 for a lift of about 1.7% in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20) , also ticked higher, up around 0.95%. Bitcoin's gains came on above-average volume, with 24-hour activity running 15% above its seven-day average, indicating steady participation, according to CoinDesk Research's technical analysis data model. Derivatives markets may tell a more cautious story. Open interest in the June 26 $76,000 put option surged 22.5%, pointing to increased demand for downside protection near current price levels. The spike suggests institutional participants are positioning defensively, either locking in gains or preparing for potential declines. Furthermore, bitcoin worth over $770 million has been sent to exchanges in the last week, analyst Ali Martinez post on X , citing data from Santiment. This action is generally regarded as a pre-sale step, pointing to the possibility of considerable selling pressure in the near future. Bitcoin’s tight correlation with the CD20 — showing only a 0.15% deviation — suggests macro forces, rather than crypto-specific catalysts, continue to drive price action. The index, which captures a large share of the digital asset market value, reinforces that BTC is trading as part of a broader risk complex rather than independently. Technical levels at $76,200 and $77,000 remain critical as traders balance constructive price trends against defensive derivatives positioning. Bitcoin News More For You Strategy keeps STRC dividend at 11.5% as stock logs first monthly gain in nine By James Van Straten | Edited by Jamie Crawley 2 hours ago STRC’s volume weighted average price of $99.76 for April kept the dividend steady for a third consecutive month. What to know : Strategy’s STRC held its dividend at 11.5% for May, marking a third consecutive month at that level. STRC is currently trading at $99.75 and has remained below par since April 15. Based on historical patterns , a return to $100 for STRC is expected next week. MSTR posted its first... Read full story Latest Crypto News Bithumb scores a legal win in South Korea as six-month suspension is lifted by local judge 1 hour ago Strategy keeps STRC dividend at 11.5% as stock logs first monthly gain in nine 2 hours ago U.S. senators won't be weighing in on prediction markets bets after banning themselves 11 hours ago From Cathie Wood to Cantor Fitzgerald, the big money is betting that Robinhood’s crypto slump is just a temporary speed bump 13 hours ago Senator Warren questions Commerce Secretary Lutnick on Tether loan to family 16 hours ago A Polymarket-linked bet on the weather in France forecasts a major data issue 17 hours ago Top Stories Gemini eyes prediction market challenge to Kalshi, Polymarket, secures derivatives license; shares surge 18 hours ago Wasabi Protocol drained of $4.5 million in apparent admin key compromise 22 hours ago Bitcoin faces $80,000 resistance as derivatives show signs of risk aversion 22 hours ago The long con: How North Korean spies spent months in-person to drain $285 million from Drift 20 hours ago Seasonal trends favor bulls even as bitcoin ends April in a defensive mood 22 hours ago In this article BTC BTC $ 77,327.93 ◢ 1.63 %