Bitcoin options traders hedge downside as uncertainty lingers, Anchorage says
Bitcoin options traders are still leaning defensively, with strong demand for downside protection across Deribit, BlackRock’s IBIT, and Strategy (MSTR) options. Anchorage Digital’s research found elevated put skew in both Deribit and IBIT, signaling traders are paying up for hedges rather than chasing upside. Defensive positioning sits near historic highs: 82nd percentile for IBIT and 84th for Deribit. The report also noted an unusual volatility inversion in 2026, with 7-day implied volatility often above 30-day implied volatility, reflecting constant near-term risk concerns from macro, geopolitical, and crypto-specific events. For Strategy, the options market shows caution but not panic. Despite sharp declines in STRC and MSTR, positioning does not yet resemble stress levels seen in prior forced-deleveraging episodes. Traders are hedging downside, but not pricing a severe crisis.
