Recent data from the Bitcoin options market shows that the volume of trades betting on the price falling has increased significantly over the past 24 hours.
Greeks.live, a crypto options analysis company, noted an important trend. More than $1.15 billion has been poured into out-of-the-money (OTM) put options, according to a post on X on Thursday.
Key data showing growing bearish sentiment
The firm explained that bearish bets have increased significantly over the past 24 hours, with 28% of total option volume flowing into OTM put options. OTM put options are highly speculative positions that benefit from significant future declines in asset prices.
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The implied volatility of options contracts turned even more negative this week. This is similar to the level seen on October 11th, the day after the market crashed.
Greeks.live noted that the crypto market has experienced extreme volatility since news of President Trump’s tariff battle broke out last Friday, causing rapid swings between bullish and bearish sentiments. The company believes the market focus is shifting to a bearish outlook.
This trend in the options market suggests that large liquidity providers and market makers are pricing in a significant risk of price declines. While Bitcoin’s technical trend remains intact, Greeks.live recommends purchasing put options as a suitable hedging tool for the current situation.
On-chain data reflects bearish signs
CryptoQuant analyst TeddyVision noted that there is a similar sentiment regarding stablecoin flows. He sees stablecoins as the “arteries” of liquidity for cryptocurrencies, with most flows going towards Bitcoin. However, he cautions against confusing spot trading with derivatives trading.
TeddyVision highlighted two different trends from August 1, 2025 to mid-October. An analysis of the 30-day SMA of stablecoin net inflows to exchanges shows that while capital used for actual asset purchases is decreasing, liquidity backing leveraged derivatives such as futures and perpetual contracts is increasing.
“This shows that price increases are not being driven by organic demand.” However, speculative leverage and aggregate exposure through derivatives and ETFs linked capital turnover. in short, The engine is still running, but it’s breathing out exhaust gas. ”
