Nearly $600M in deep out-of-the-money puts highlights tail-risk positioning, though flows point more to volatility strategies than to outright bearish bets.
Bitcoin $20,000 put option is third most popular strike ahead of quarterly expiry
Nearly $600M in deep out-of-the-money puts highlights tail-risk positioning, though flows point more to volatility strategies than to outright bearish bets.
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Onchain analysis firm Santiment noted that retail trader-based wallets were seemingly absent from the current move, which, historically, sets the stage for sharp upside moves.
The company has hit a BTC yield of 68% so far in 2025.
Binance, Hyperliquid, and Bybit were the most affected exchanges, comprising 72% of all forced unwinds.
The sell-off was driven by significant activity in the crypto space, with whales taking profits and investors seeking cover from rising political risks.