Bitcoin’s price crash has traders flocking to put options, as the leading cryptocurrency drops nearly 10% to nine-month lows below $78,000. The dollar value of active bitcoin put options at $75,000 now matches the notional open interest of calls at $100,000 on Deribit, the largest crypto options exchange.

The $75,000 put option is now just as popular as the $100,000 call, signaling a shift in market sentiment following Bitcoin’s recent price drop. Options traders are hedging their bets as the cryptocurrency market experiences increased volatility and uncertainty.

Recent market activity shows a surge in put buying at various strike prices, with significant open interest in puts at $70,000, $80,000, and $85,000. This contrasts with the previous trend of higher-strike calls drawing more interest, indicating a shift in traders’ expectations and strategies.

The decline in Bitcoin’s price rally above $120,000, coupled with delays in crypto market regulation, has led to frustration among investors. Previously bullish sentiment following President Trump’s victory has waned, as hopes for pro-crypto regulations failed to materialize, impacting market dynamics.

Read more at Yahoo Finance: Here’s why bitcoin traders are now betting billions on a drop below $75,000 and bailing on price rising higher