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Bitcoin options traders favor $74,500 puts for short-term downside protection amid mixed market signals.

Market News
21 Apr 2026
Tokenpost
View Source
Neutral
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Bitcoin options traders have increased short-term downside hedging, with $74,500 put contracts leading volume in the past 24 hours. Despite this defensive short-term activity, longer-term open interest remains modestly bullish, with calls making up 55.75% of outstanding positions. Trading volume reached about $3.87 billion, mainly on offshore platforms like Deribit, Bybit, and Binance, while U.S. regulated participation grows slowly via CME. The market shows a dual stance: maintaining upside exposure for potential gains later in the year while buying near-term puts for protection against short-term volatility. The persistence of this defensive flow will depend on Bitcoin's ability to hold support levels and volatility trends toward the end of the week.

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