CoinDesk Podcast Network Bitcoin Traders Target $20K Bitcoin Put Options by June 2026 | CoinDesk Daily
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Dec 9, 2025 Traders are making bold bets on Bitcoin's future, with a surge in $20,000 put options for June 2026. Meanwhile, professionals are also buying call options above $200,000, signaling expectations of volatility. Exciting news comes from MetaPlanet, planning new digital credit offerings in Japan. Additionally, the CFTC's pilot program allows cryptocurrencies as collateral for futures, earning praise from industry leaders for modernizing trading practices. It's a thrilling time in the crypto world!
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Deep OTM $20K Puts Are Rising
- Traders are buying deep out-of-the-money June 2026 Bitcoin puts at the $20,000 strike as part of larger option strategies.
- Deribit data shows $20,000 puts became the second-most popular contract with over $191 million in notional open interest.
Wings Trades Signal Volatility Bet
- Professionals are buying both far OTM puts and calls, suggesting they seek profits from volatility rather than directional bets.
- Deribit executives interpret simultaneous activity above $200,000 calls as traders buying the wings to play a volatility explosion.
Treat Deep OTM Puts As Strategy, Not Just Insurance
- Recognize that buying far OTM puts can function as crash insurance or as part of a volatility wings strategy.
- Consider that professionals may pair puts with high-strike calls rather than betting on a single directional move.