Share this article
Bitcoin DEX Traders Position for Downside Volatility With $85K-$106K Puts, Derive Data Show
Traders chase downside bets in BTC, according to data shared by onchain options platform Derive.
Updated Jun 30, 2025, 2:34 p.m. Published Jun 30, 2025, 7:04 a.m.
Make us preferred on Google
What to know:
- Traders on Derive.xyz are preparing for potential downside volatility in BTC, contradicting flows over centralized giant Deribit.
- Put options, which accounted for over 70% of recent trading volume, indicate a defensive stance among BTC traders on Derive.xyz.
- Traders over Derive leaned bullish on ether.
Bitcoin options flow on the leading decentralized onchain platform Derive.xyz shows that traders are preparing for downside price volatility over the next couple of weeks.
As of Monday, 20% of the platform's total BTC options open interest, valued at over $54 million, was concentrated in the July 11 expiry put options with strikes at $85,000, $100,000, and $106,000, according to data shared by Derive.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"This suggests that traders are positioning for potential downside, possibly bracing for macro uncertainty or profit-taking after recent strength," Nick Forster, founder of Derive told CoinDesk.
A put option gives the holder the right to sell the underlying asset, such as BTC, at a predetermined price on or before a specified future date. A put buyer is implicitly bearish on the market, seeking to hedge against or profit from a potential decline in the underlying asset's price. Open interest refers to the dollar value of the number of active options contracts at a given time.
Forster added that put options accounted for over 70% of the trading volume in the past 24 hours, a sign that "BTC traders are on the defensive."
The bearish flow contradicts activity on the centralized crypto options giant Deribit, where traders abandoned the July expiry put options while buying back upside bets or call options. The adjustment happened as BTC's price rose over 7% last week, marking a strong bounce from sub-$100,000 levels.
"We observe the dumping of no longer required $100,000 and below puts in July and buyback (blue) of $108,000-$115,000 plus calls. With a calmer environment and the upcoming July 4th U.S. long weekend, more inventory was sold onto dealers," Deribit noted on X.
DEX traders optimistic about ETH
Traders on Derive leaned bullish on ether, with about 30% of open interest concentrated in the $2,900 strike call options and another 10% in the $3,200 call.
"This positioning seems to be driven by anticipation of ETHCC in Cannes – a major event historically associated with product announcements and ecosystem growth. Traders are clearly expecting catalysts that could drive upward momentum," Forster noted.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Crypto ETFs with staking can supercharge returns but they may not be for everyone
From yield potential to custody risks, here’s how direct ETH and staking funds compare for different investor goals.
What to know:
- Investors can now choose between owning ether directly or buying shares in a staking ETF that earns rewards on their behalf.
- While staking ETFs offers yield, they come with risks and less control than holding ETH in an exchange or wallet.
- Grayscale’s Ethereum staking ETF recently paid $0.083178 per share, yielding $3.16 in rewards on a $1,000 investment.
Top Stories
