CoinDesk
Bitcoin slid to $62,000 as a wave of long liquidations tore through the market, triggering a fresh bid for downside protection on the world's largest crypto options exchange.
Why it matters
The $50,000 strike put expiring June 26 is now the most traded contract on Deribit, with bitcoin still trading comfortably above the strike. That positioning — buying deep out-of-the-money puts as the cheapest insurance — is the kind of flow that shows up when traders expect a meaningful correction or want to hedge against a tail event in the coming weeks. The rest of the volume leaderboard reinforced the tilt: puts at $65,000 and $55,000 also saw notable activity, and the only call to crack the top five was the $80,000 strike.
Market impact
The combination of $62,000 spot, multi-billion-dollar long liquidations, and concentrated put demand at $50K and below is a textbook panic signature. The fact that traders are willing to pay for protection far beneath the current price suggests the market is no longer assuming the recent range holds — a notable shift in posture for an asset that traded above $70,000 only days ago. Watch Deribit open interest at the $50K and $55K strikes into the June 26 expiry for confirmation of whether the bearish hedge is being rolled or closed out as the selloff stabilizes.
Frequently asked questions
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Why is the $50K put the most traded contract if bitcoin is at $62K?
Traders are buying the $50K June 26 put as cheap out-of-the-money insurance against a deeper correction, not as a directional bet on the next 24 hours. Open interest that far below spot typically signals hedging against tail-risk events rather than short-term downside targets.
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How much was liquidated in the bitcoin selloff to $62K?
The seed reports billions of dollars in long liquidations as bitcoin fell to $62,000, though the seed does not give a precise aggregate figure. Cross-checking venue-level data from Coinglass or individual exchanges would give the exact tally.
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What does the Deribit options leaderboard signal about market sentiment?
Four of the top five most traded contracts are puts at $50K, $55K and $65K strikes, with the only call at $80K. That distribution is distinctly bearish — concentrated downside hedging with no equivalent upside speculation crowding the top of the leaderboard.
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Is this a hedge or a directional bet on lower bitcoin prices?
Both interpretations are consistent with the flow. Hedgers are paying for tail-risk protection against an open-position loss, while speculative traders may be positioning for a sustained breakdown below the recent range. The two flows look identical on the options tape and are usually only distinguishable by who is…
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What would invalidate the bearish options positioning?
A sustained recovery back above $70K with falling open interest at the $50K and $55K strikes would suggest the puts are being closed rather than rolled. Conversely, growing open interest at lower strikes into the June 26 expiry would confirm traders expect the downside to extend.
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