Traders are increasingly hedging against a pullback to $100K as macro uncertainty rises. On Deribit, the put-to-call volume ratio jumped to 2.17 in the past 24 hours, showing strong demand for downside protection.
Short-dated puts expiring June 20 are seeing the most action, with $100K strike puts leading open interest. The put-to-call ratio for this expiry stands at 1.16, pointing to caution in the near term.
Despite the jitters, Bitcoin is still trading above $104K, down from its May 22 all-time high of $111,980, but up over 50% since Trump’s re-election.
