Bitcoin put-call ratio hits 1-year high: Are bears preparing for drop to $55K?
Bitcoin has struggled to reclaim $61,000, even as lower crude prices and a US-Iran ceasefire supported broader risk assets. Demand for downside protection surged: Deribit put option premium reached $115 million versus $16 million for calls, and the 30-day delta skew hit 19%, showing strong hedging against further declines. This reflects fear, though not necessarily outright bearish conviction. Weakness has also been linked to concerns about MicroStrategy’s debt and dividend capacity. The company added cash from share sales and set aside Bitcoin for possible future sale, which eases near-term pressure but raises questions about supply. At the same time, capital appears to be rotating into semiconductor stocks and away from gold and Bitcoin, while US-listed Bitcoin spot ETFs have posted seven straight weeks of net outflows. A retest of $55,000 is increasingly plausible if sentiment and ETF flows do not improve.
