Bitcoin options traders hedge downside as uncertainty lingers, Anchorage says
Bitcoin options traders are heavily hedged for downside, with elevated put skew in both Deribit and IBIT options showing strong demand for protection over upside bets. Anchorage Digital’s research says defensive positioning is at the 82nd percentile for IBIT and the 84th percentile for Deribit, suggesting broad caution among crypto-native, institutional, and retail participants. The report also notes an unusual volatility pattern: for much of 2026, Bitcoin options have priced higher implied volatility for the next week than for the next month, reflecting a market focused on immediate macro, geopolitical, and crypto risks rather than longer-term direction. For Strategy (MSTR), investors remain cautious amid sharp share declines, but options markets are not signaling a severe crisis or forced deleveraging. Put demand is elevated, yet still below stress levels seen in prior corrections.
