Bitcoin Plunges 18%, Sparking Options Market Shifts

Recent dramatic drops in Bitcoin’s value, falling by around 18% within a short timeframe, have caused significant shifts in the options market. Market participants are adapting their strategies to mitigate potential risks as open interest in put options for $80,000 and $90,000 benchmarks surges. Deribit data shows unprecedented levels of this open interest. 40 billion dollars in Bitcoin options trading activity remains concentrated on options set to expire in November and December, with valuations heavily focused around the $110,000 mark.