Bitcoin Hovers Above $100K as Traders Hedge Against Further Downside
November 6, 2025
Bitcoin (BTC) briefly dipped below $100,000 this week amid macroeconomic uncertainty and weaker spot ETF inflows, prompting traders to boost hedging activity in the options market.
According to Deribit, the world’s largest crypto options exchange, notional open interest — the dollar value of active BTC options contracts — remains above $40 billion, concentrated in November and December strikes near $110,000. Demand for $80,000 put options has surged, reflecting traders’ expectations of further downside.
“The surge in $80,000 puts signals growing caution as traders hedge against a deeper slide,” Deribit said.
Open interest on the $80,000 put exceeds $1 billion, while the $90,000 put stands near $1.9 billion, nearly matching the combined OI of $120,000 and $140,000 calls. Some higher-strike calls are being overwritten, allowing BTC holders to generate yield on their holdings.
BTC has dropped more than 18% since peaking above $126,000 four weeks ago. Macro pressures, including Fed Chair Jerome Powell’s hawkish remarks, have contributed to $1.3 billion in U.S. spot Bitcoin ETF outflows over four sessions. Forced deleveraging drove more than $1 billion in long liquidations at recent lows, according to QCP Capital.
Ecoinometrics cautioned that persistent weakness around $100,000 could trigger a feedback loop, where ETF outflows exacerbate downward pressure on BTC. As of writing, BTC trades near $103,200, up 1.9% over 24 hours.
