Bearish options accounted for 53.5% of the total Bitcoin options volume this week. Traders increased their focus on downside protection following a 7.3% price decline, which saw Bitcoin drop from a peak of $86,728 to a low of $80,394 on October 8. By October 12, the price stabilized between $83,500 and $83,750.
For the upcoming October 16 expiry, the put-to-call ratio reached 1.43, indicating that puts currently outnumber calls by 43%. Near-term put options with strike prices between $76,000 and $80,000 represent a notional value of approximately $451 million.
Total open interest for Bitcoin options across platforms ranges from $37 billion to $37.45 billion, with calls comprising about 60% of that total. The put-to-call ratio for open interest remains between 0.66 and 0.71, reflecting a long-term preference for call options.
During the period, 30-day at-the-money implied volatility fluctuated between 34% and 35.7%, while realized volatility was recorded at 37% to 38%. Market participants are adjusting their positions in anticipation of upcoming events, such as the release of FOMC minutes.
