Deribit Exchange Options Data Reveals Institutional Bearish Hedging as Bitcoin Tests $82K Support

The Bitcoin options market on Deribit displayed cautionary signals as 91,000 BTC contracts for the January expiry settled with a put-call ratio of 0.48. Maximum pain was established at $90,000, with open interest showing $7.6 billion in notional value—25% of which expired on Friday. ethereum reflected a similar trend with $1.19 billion in expiring contracts and a 0.68 put-call ratio.

This market positioning indicates that institutional players are hedging against potential further downside. Downside protection levels for BTC shifted from $85,000 to $80,000, as traders showed a growing preference for put options over calls. ETH maintained a stronger position above $2,500, yet both assets are experiencing range-bound trading amidst declining momentum.

Significantly, early 2026 contracts followed the bearish unwinding pattern seen in Q4 2025, signaling ongoing macro uncertainty. While some market participants still price in a scenario where BTC reaches $120,000, current probability models now favor a test of the $75,000 level before any sustained recovery can occur.