Bitcoin ETF Holders and Corporate Treasuries Load Up on $60,000 Puts
Spot Bitcoin ETFs and corporate treasuries hold large amounts of the asset for the long term, leaving them vulnerable to rapidly mounting paper losses during a sharp price decline. Put options allow investors to sell Bitcoin at a predetermined strike price, providing a hedge without requiring them to sell their spot holdings. Institutions’ concentrated bets around the $60,000 level also show that the market is reassessing downside risk.
CoinDesk, citing crypto derivatives exchange Deribit on Feb. 27, 2026, reported that large Bitcoin ETF holders and corporate treasuries were actively buying six-month and one-year put options with strike prices of $60,000 or lower. Open interest in $60,000 puts on Deribit has risen to about $1.5 billion, the highest across all strike prices and expiration dates.
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The history behind this eventBitcoin Traders Buy Puts to Hedge Against Slide to $52,000
As Bitcoin approaches its 2024 lows, markets are concerned that a hawkish U.S. Federal Reserve and a stronger dollar will weigh on risk assets. Traders are turning to put options to lock in selling prices, with strikes from $52,000 to $50,000 emerging as a key range for gauging downside risk.
Demand for short-dated puts has risen sharply in the Bitcoin options market, with traders concentrating bets on a potential drop to $52,000 and some positions extending as low as $50,000. Gold futures, meanwhile, have flashed a “death cross.” Fed policy and the dollar's trajectory continue to drive hedging positions, indicating that the market is paying more for protection against another selloff.
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