Bitcoin Options Activity Signals Strategic Accumulation by Bullish Traders
An uptick in cash-secured put selling on Deribit is pointing to a wave of calculated optimism among Bitcoin traders, as they seek to accumulate BTC while generating yield. According to Lin Chen, Head of Asia Business Development at Deribit, this trend reflects a more sophisticated approach to positioning amid ongoing market volatility.
“These stablecoin-backed put sales show that participants are thinking long term,” Chen told CoinDesk. “It’s a disciplined accumulation strategy that also expresses confidence in Bitcoin’s price stability.”
In practice, traders are selling put options—effectively offering downside protection to others—in exchange for premiums, while setting aside stablecoins to buy BTC if assigned. This approach allows them to earn income in sideways markets and accumulate BTC at lower levels if prices dip.
Alongside this, BTC holders are writing out-of-the-money call options to enhance returns on their spot positions. These combined flows have contributed to a significant drop in implied volatility, with Deribit’s DVOL index sliding from 63 to 48 since Bitcoin’s early April decline to $75,000.
That dip was short-lived. Bitcoin has since rebounded to over $92,000, supported by institutional narratives and macro-driven demand for hard assets. The rally has reignited bullish positioning in the options market, with traders buying calls at $95K, $100K, and even $135K via Paradigm. The $100K strike is now the most active on Deribit, with over $1.6 billion in open interest.
$9B in Cumulative Delta Highlights Volatility Risk
As open interest surges, so does the impact of the options market on BTC price behavior. Volmex reports a cumulative delta of $9 billion across BTC options on Deribit and U.S.-listed spot ETFs like BlackRock’s IBIT. This metric indicates how responsive options positions are to moves in BTC’s spot price.
With a total of $43 billion in BTC options notional outstanding, this elevated delta forces market makers to frequently hedge, which can add short-term volatility as they rebalance exposures.
“Strike positioning has shifted notably, and market makers are actively managing record levels of delta exposure,” Volmex noted. “This dynamic has become a core driver of intraday price swings.”
Notably, Volmex observed a split in sentiment between platforms: Deribit traders remain more aggressively positioned to the upside, while ETF-linked options flows show a more conservative stance. The contrast underscores the divide between crypto-native sentiment and that of traditional institutions.
