TL;DR
- On-chain options platform Derive.xyz reports 70% of BTC options volume in the past 24 hours came from put options.
- Traders are betting on downside volatility with puts targeting $85K, $100K, and $106K strike prices for July 11 expiry.
- This contrasts with Deribit, where traders exited bearish bets and shifted to bullish calls.
- ETH sentiment remains optimistic, with Derive traders accumulating calls at $2,900 and $3,200 ahead of ETHCC Cannes.
DEX Traders Hedge BTC Exposure Amid Profit-Taking Fears
While Bitcoin rebounded strongly last week, decentralized derivatives traders appear less convinced the rally will last.
According to data from Derive.xyz, more than 20% of total BTC options open interest—over $54 million—is currently tied up in put options expiring July 11, targeting strike prices of $85K, $100K, and $106K. These positions represent a clear hedge or speculative play on downside volatility.
“This suggests that traders are positioning for potential downside, possibly bracing for macro uncertainty or profit-taking after recent strength,”
— Nick Forster, Founder of Derive
Derive vs Deribit: Diverging Sentiment on BTC
The bearish tilt on Derive contrasts sharply with Deribit, the largest centralized crypto options exchange. Deribit has seen traders exit July puts under $100K and pivot toward bullish call options between $108K and $115K.
“We observe the dumping of no longer required $100K and below puts in July and buyback of $108K–$115K plus calls,”
— Deribit, via X
Deribit attributed the shift to a calmer macro environment and positioning ahead of the July 4 U.S. holiday weekend, with dealers absorbing more risk inventory.
BTC Options Positioning on Derive.xyz
| Metric | Value | Source |
| BTC Current Price | $107,648.34 | CoinDesk |
| Put Option Volume (24h) | >70% of total trades | Derive.xyz |
| July 11 Put Strikes | $85K, $100K, $106K | Derive |
| BTC Options Open Interest (Derive) | $54M+ | Derive |
| Deribit Activity | Shift from July puts to calls | X (formerly Twitter) |
Why Puts Dominate BTC Flow on Derive
Put options grant the holder the right to sell BTC at a fixed price, making them a favored instrument during periods of:
- Profit-taking after major rallies
- Anticipation of macro shifts or volatility spikes
- Concerns about upcoming regulatory or liquidity events
With Bitcoin’s recent bounce off sub-$100K levels, many DEX traders may now be locking in gains or insuring against retracement.
“BTC traders are on the defensive,” Forster confirmed, citing the dominance of puts in the latest trading volume.
ETH Traders Signal Optimism Ahead of ETHCC Cannes
While BTC sentiment cools, Derive data shows bullish positioning on ether (ETH). Roughly 30% of open interest is concentrated in $2,900 call options, and another 10% in $3,200 strikes—both for upcoming expiries.
“This positioning seems to be driven by anticipation of ETHCC in Cannes – a major event historically associated with product announcements and ecosystem growth,” said Forster.
ETHCC (Ethereum Community Conference), scheduled for mid-July, often acts as a catalyst for price movements, especially for projects planning major announcements or protocol updates.
Strategic Implications for Traders and Analysts
- BTC traders: The defensive put positioning suggests caution as markets approach a potentially volatile macro window, including U.S. holiday illiquidity and post-halving supply patterns.
- ETH traders: Confidence in upcoming catalysts like ETHCC may support short-term upside speculation, particularly for ecosystem-native tokens.
- Centralized vs DEX divergence: Derive’s on-chain flow reflects grassroots trader behavior, while Deribit’s shift may be shaped more by institutional or dealer flows.
