The Bitcoin put-call ratio reached a one-year high as demand for downside protection surged. Despite lower oil prices and optimism from the US-Iran ceasefire, market participants are wary of potential
Bitcoin’s put-call options imbalance hit its highest level in over 12 months on June 29, 2026, as traders sought extensive protection against downside risks. On Deribit's platform, the premium for selling (put) Bitcoin options surged to $115 million, seven times higher than buying (call) options at just $16 million.
This imbalance is reflected in a significant delta skew of 19%, indicating that market makers are unwilling to hold downside exposure. The last time such extreme imbalances occurred was during the crypto winter of early 2023 when Bitcoin struggled below $45,000.
The rise in put options demand comes despite lower oil prices following a US-Iran ceasefire agreement and optimism about Bitcoin’s resilience above $61,000. However, MicroStrategy's financial health remains a concern as the company sells shares to raise capital for its Bitcoin holdings, adding volatility to the market.
Meanwhile, retail investors are shifting their focus from gold and Bitcoin into semiconductor stocks, with ETFs like iShares Semiconductor (SOXX) gaining 81% in value. US-listed Bitcoin spot ETFs have experienced seven consecutive weeks of net outflows, signaling a broader capital rotation away from cryptocurrencies towards tech investments.
While this shift may ease concerns about short-term debt for MicroStrategy, it also highlights the growing bearish sentiment among market participants. Analysts caution that while the demand for downside hedging is high, it doesn't necessarily signal strong conviction from bears. The next key level of $55,000 remains a critical test.
Traders should closely monitor ETF outflows and option trading volumes as these can provide early signals of broader market sentiment shifts. With US stocks rebounding on hopes for Iran peace deals, the balance between bullish and bearish forces in Bitcoin will likely remain precarious.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.