Options Bets Turn Defensive Ahead of a Bitcoin Price Showdown

Options market activity has shifted defensive, with increased demand for puts and a bearish tilt in risk reversals as traders hedge ahead of an imminent Bitcoin price showdown. Open interest and implied volatility are elevated around near-term strikes, signaling concentrated hedging and reduced outright directional bets. The implication for Bitcoin is heightened near-term volatility around expiries—protective positioning may blunt small declines but also raises the chance of sharp moves or strike pinning if gamma exposure is forced to rebalance.