Bitcoin · Strategy · Bitcoin ETF · Cointelegraph
Bitcoin options traders hedge downside as uncertainty lingers, Anchorage confirms
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Anchorage Digital’s latest analysis shows Bitcoin options traders remain defensive as near-term uncertainty persists, though markets are not pricing an extreme downside scenario for Strategy.
Key facts
- 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
- 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
- Bitcoin options 30-day/7-day implied volatility ratio
- 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
Summary
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. 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.