Bitcoin Traders Turn Bearish as $60,000 Put Option Dominates Ahead of August

Options traders are shifting their outlook on bitcoin as July comes to a close, with a $60,000 put option now standing as the most crowded bet on Deribit, the largest crypto options exchange.

Bearish Bets Take Over

That put option, which protects against a price drop, holds a notional open interest of $1.17 billion. Bitcoin traded near $63,7815 at the time of writing, having briefly dipped below $60,000 last month before climbing back above $63,000.

Bullish Bets Fade After Fed Meeting

Just a day earlier, call options at $70,000 and $72,000 led the market, each carrying $2.5 billion in open interest, driven by traders betting on a rally following the Federal Reserve’s rate decision. That rally never happened, and Friday’s $10 billion options expiry saw those bullish positions shrink sharply, with the $70,000 call falling to $943 million and the $72,000 call to $888 million.

Seasonal Trends Add to Caution

Since 2013, July has delivered a median return of 8.61%, and this month bitcoin gained 8.9%. Historically, strong Julys tend to precede weak Augusts, which carry a median return of -7.51%.