BTC Traders Brace for Price Crash to $75K; No Bottom Seen: Research Firm

Bitcoin (BTC) Price Today: Traders Prepare For Crash to $75K

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Nov 21, 2025, 2:29 p.m.

BTC traders aggressively hedge downside risk with the $75K put listed on Deribit.
Put options have accounted for most activity over the past week.

Bitcoin BTC$84,003.00 has fallen sharply, dropping over 25% to $83,700 this month, and data suggests some traders are bracing for a further decline.

According to blockchain analytics firm Glassnode, traders have been heavily buying short-term BTC put options at the $75,000 strike price on Deribit since bitcoin’s spot price slipped below $94,000 earlier this week.

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The $75K put option reflects a bet that Bitcoin’s price will fall below that level, echoing the early April dip that bottomed around $74,000.

Glassnode commented on X, “The options market isn’t signaling a bottom yet and is leaning toward the risk of a deeper move.”

CoinDesk recently highlighted a clear bearish shift in the Bitcoin options market, with the $85,000 put option becoming the dominant trade, replacing the previously popular $140,000 call option.

Put options have comprised over 65% of all options activity in the past week, indicating aggressive downside hedging by traders. Glassnode noted this also reflects traders exploiting volatility spreads by selling high short-dated volatility and buying longer-dated contracts to capitalize on market dislocations.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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