Bitcoin News Today: Bitcoin Options Data Reflects Growing Bearish Sentiment Amid Defensive Positioning

Investors are increasingly hedging against potential price declines in Bitcoin and Ethereum, with recent options data showing a shift toward defensive positioning [1]. According to Derive.xyz, the volume of put options opened for Bitcoin and Ethereum on August 29 has increased significantly, indicating a growing concern among traders that prices may fall before the end of the month [1]. Specifically, Bitcoin put positions are nearly five times larger than call positions for options expiring on that date, highlighting the elevated bearish sentiment [1].

The most heavily traded put positions for Bitcoin are centered around key levels of $95,000, $80,000, and $100,000, suggesting that investors are preparing for a potential return below the $100,000 threshold [1]. For Ethereum, put options are 10% more expensive than calls, with critical levels identified at $3,200, $3,000, and $2,200 [1]. These price points reflect a spectrum of expectations, ranging from moderate corrections to more substantial pullbacks.

As of August 6, Bitcoin was trading at approximately $114,075, down 3% from the previous week, while Ethereum was valued at around $3,624, down more than 4% [1]. The declining price trends have been accompanied by a drop in the option "skew," an indicator of downside protection demand, which has shifted from +2 to -2 for Bitcoin and from +6 to -2 for Ethereum in the past month [1]. This suggests a growing need for hedging against further downward movement.

Implied volatility remains a key area of focus. Bitcoin's monthly implied volatility is currently around 35%, while Ethereum's has climbed to 65% [1]. The volatility gap between the two assets has widened from 24 to 30 points since June, signaling a more turbulent near-term outlook for Ethereum [1]. Derive's probability estimates show a 25% chance of Ethereum falling below $3,000 by the end of August and a 30% chance of it rising above $4,000 [1]. For Bitcoin, the likelihood of testing $100,000 again before the month's end is estimated at 18% [1].

The shift in options positioning is part of a broader trend of increased caution in the market. Analysts have noted that the 180-day skew for Bitcoin options has recently reached zero, indicating that long-term call and put options are now priced in balance [3]. This suggests a neutral outlook on Bitcoin’s long-term price trajectory, despite recent bearish price action [3].

While the options data reflects growing defensive strategies, it does not necessarily signal an imminent price collapse. Instead, the market appears to be preparing for potential volatility while still showing some signs of resilience. Some traders have positioned for a potential rebound, with the $124,000 level seen as a key target [5]. However, these are not forecasts but rather the current positioning of market participants [5].

The broader macroeconomic environment has also influenced the Bitcoin options landscape. Concerns around inflation, global trade tensions, and new U.S. tariffs have contributed to a more conservative outlook [6]. These factors have reinforced the need for hedging strategies, particularly in light of Bitcoin’s recent drop to $112,000 following the latest economic data [5].

Open interest in Bitcoin options has declined to $39.8 billion, with the volatility spread narrowing [7]. This could signal a period of consolidation or the beginning of more significant price movements ahead.

Source: [1] Bitcoin Options Data Shows Investors Positioning Against a Drop Here Are the Critical Price Levels (https://en.bitcoinsistemi.com/bitcoin-options-data-shows-investors-positioning-against-a-drop-here-are-the-critical-price-levels)

[2] Bitcoin Options Point to Growing Caution: BTC Price to $110K Ahead (https://cointelegraph.com/news/bitcoin-btc-options-point-to-growing-caution-110k-ahead)

[3] BTC 180-Day Skew Hits Zero: Key Signal for Bitcoin Options Traders in 2025 (https://blockchain.news/flashnews/btc-180-day-skew-hits-zero-key-signal-for-bitcoin-options-traders-in-2025)

[5] Bitcoin Price to $126000? QCP Capital Makes Bullish Case for BTC (https://www.thecoinrepublic.com/2025/08/05/bitcoin-price-to-126000-qcp-capital-makes-bullish-case-for-btc)

[6] Macro Meets Crypto: How Inflation, Jobs, and Tariffs Are Reshaping the Market (https://blog.amberdata.io/macro-meets-crypto-how-inflation-jobs-and-tariffs-are-reshaping-the-market)

[7] Seller Exhaustion Emerges, but Bitcoin Remains at Risk of Further Losses (https://cryptoadventure.com/seller-exhaustion-emerges-but-bitcoin-remains-at-risk-of-further-losses-glassnode)