Bitcoin Options Traders Remain Heavily Positioned for Downside Protection

Bitcoin options traders remain heavily positioned for downside protection, with both crypto-native and exchange-traded fund investors showing elevated demand for downside hedges, according to new research by Anchorage Digital's head of research, David Lawant.

The report analyzed options activity across Deribit, BlackRock’s iShares Bitcoin Trust (IBIT) and Strategy (MSTR), saying the three markets together provide a broader view of crypto-native, institutional and retail investor sentiment than any single options market alone.

Both Deribit and IBIT options markets showed elevated put skew, indicating traders are paying a premium for downside protection rather than positioning for further gains. The report found defensive positioning ranked in the 82nd percentile of IBIT’s history and the 84th percentile of Deribit’s five-year history.

Anchorage also found that Bitcoin (BTC) options markets have spent nearly half of 2026 pricing higher implied volatility over the next week than over the next month, an unusual inversion that has historically been episodic and short-lived. The report attributed the pattern to a succession of macroeconomic, geopolitical and crypto-specific catalysts that have kept traders focused on near-term risks.

Taken together, the findings suggest options traders remain focused on managing near-term risks rather than positioning for a clear directional move. Lawant said he is watching for one-month implied volatility to once again exceed one-week implied volatility, a shift he said would indicate markets are becoming more comfortable looking beyond immediate risks.

Options market not signaling Strategy crisis

The analysis from Anchorage Digital also suggests investors remain cautious but are not pricing a severe downside scenario for Strategy despite recent weakness in the company's preferred and common shares.

Strategy’s perpetual preferred stock, STRC, fell as low as $82.53 on June 22, or about 17% below its $100 par value, before partially recovering after the company disclosed it had increased its fiat reserves to $1.3 billion. As of Thursday, it was trading around $77, roughly 23% below par.

The weakness has extended beyond STRC. Strategy’s common shares (MSTR) were down about 78% over the past year and traded around $87 on Thursday, according to Yahoo Finance data.

Despite the sell-off, Anchorage found that Strategy’s options market remains well below stress levels seen during previous market corrections. While traders continue to hedge against downside risk, put skew has not reached levels typically associated with fears of forced deleveraging or a broader crisis, according to the report.

Strategy, led by Executive Chairman Michael Saylor, pioneered the corporate Bitcoin treasury model in 2020 and remains the world's largest corporate holder of Bitcoin, with 847,363 BTC on its balance sheet.