Bitcoin $60,000 Put Option Leads as Bearish Mood Sets in for August

July 31, 2026 · Markets · CryptoRefuge Team

The $60,000 bitcoin put option has emerged as the most popular bet on Deribit, the world's largest crypto options exchange, as the mood swings bearish for August.

$1.17 billion notional open interest in bitcoin options on Deribit The median return for bitcoin options traders has been -7.51%, indicating a challenging environment for bullish bets, while the price return for bitcoin has been 8.9%, highlighting the disconnect between spot market performance and options market sentiment.

Live market snapshot (at publish): BTC $63,790 (-1.0% 24h) · ETH $1,881.81 (-1.6% 24h)

Market Context

Bitcoin's price, currently at $63,783.37, faces resistance at higher levels, with strike prices of $70,000 and $72,000 being closely watched by traders. The notional open interest in bitcoin options has fluctuated between $943 million and $2.5 billion, reflecting the volatility in the crypto derivatives market. The popularity of the $60,000 put option suggests traders are positioning themselves for a potential downturn in August.

Macro and Institutional Backdrop

The broader macro environment exerts pressure on the crypto market, with bond yields and commodity prices influencing investor sentiment. Institutional investors are reevaluating their exposure to crypto assets, which could further impact the market's direction.

Body

With the notional open interest in bitcoin options reaching $1.17 billion, traders are actively positioning themselves for a potential downturn. The bitcoin options market is known for its volatility, and the current market conditions are no exception. Traders closely watch the $60,000 level as a potential support zone, and the fact that the $60,000 put option is the most popular bet on Deribit suggests they are preparing for a potential breakdown below this level.

Analyst Angle

Analysis: If the $60,000 put option remains the most popular bet on Deribit, it could indicate a further downturn in bitcoin's price. A break below the $60,000 level would signal a bearish trend, potentially leading to a retest of lower support zones.

Kicker

As the market heads into August, traders will closely watch the $60,000 level as a potential support zone. If the bitcoin price can hold above this level, it could lead to a reversal of the current bearish sentiment, potentially driving the price higher. The next key date to watch is the August expiration of bitcoin options, which could provide further insight into the market's direction.