The expectation of a decline in Bitcoin is strengthening, and institutional investors are taking action.

Recently observed sharp movements in Bitcoin (BTC) prices have increased investor interest, while significant changes are occurring in the options market as well. Analyses indicate a rise in investors expecting a drop below $80,000. Data shows that the largest open positions in the BTC options market are now concentrated in put contracts signaling prices below $80,000.

In recent days, the intensified selling pressure has started to manifest distinctly in the options market. According to Deribit data, the most preferred BTC options position among investors is now $80,000 put contracts. This situation reflects strong expectations among investors that the price of Bitcoin may fall below this level in the short term.

Last week, an analysis by CoinDesk reported that market conditions had deteriorated and that the $85,000 put contract had surpassed the $140,000 call option. This trend has become even more pronounced in a short period. The open position for the $80,000 put option exceeded $2 billion, while the $85,000 put option fell to second place with $1.97 billion. In contrast, the open position for the $140,000 call option, a gauge of bullish sentiment, decreased to $1.56 billion.

The options market has concentrated on the put side, developing positions that suggest prices will fall. This situation indicates that investors believe the $80,000 level is a critical threshold and that the likelihood of testing this point in the short term has increased. The widening distribution weighted towards puts in Deribit charts reflects a market that has shifted into a risk-averse mode.

Market participants are hedging against downward prices with the increase in volatility while call options pricing in bullish scenarios have noticeably weakened. This picture illustrates that even after the sharp pullback seen in Bitcoin’s price over the past few weeks, investors are still adopting a cautious approach, and the possibility of falling below $80,000 remains on the table.