Bitcoin Options Market Shows Strengthening Defensive Sentiment as Investors Hedge Against Short-Term Downturns

Bitcoin options investors are increasing downside hedging amid short-term uncertainty, according to Anchorage Digital Research analyst David Rovan. Put skew remains elevated in both Deribit and IBIT options markets, indicating higher premiums for downside protection. Implied volatility has remained above one-month levels since early 2026, reflecting persistent caution. While defensive positioning persists, extreme downside scenarios haven't been priced in, with STRC shares trading below par at ~77% of face value and MSTR common stock down ~78% year-to-date.