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Bitcoin options traders have tilted defensive as near-term uncertainty hangs over $BTC, according to analysis from Anchorage Digital, the digital-asset bank.
The positioning signals caution rather than conviction in either direction, with one notable exception: markets are not pricing in an extreme downside scenario for Strategy, the corporate Bitcoin accumulator.
What the Options Market Is Actually Saying Options flow is worth reading carefully because it shows where sophisticated money is paying for protection, rather than where retail sentiment sits.
When traders hedge downside, they are buying puts — contracts that pay out if the underlying asset falls — which raises the cost of bearish insurance relative to bullish bets.
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