Bitcoin 60000 put options hedging jumps as ETFs, corporates seek downside cover
Large investors are leaning into bitcoin 60000 put options hedging as a form of portfolio insurance, with Deribit saying bitcoin ETF holders and corporate treasuries have been buying medium- and long-dated put options struck at $60,000 or lower.
What Deribit says is happening
Deribit Chief Commercial Officer Jean-David Péquignot said “ETF holders and corporate treasuries are buying 6-month and 1-year puts at $60k or below … as portfolio insurance,” according to the report.
These put options function like insurance by giving buyers the right to sell bitcoin at $60,000 even if the market falls below that level, potentially limiting downside while maintaining longer-term exposure.
Bitcoin 60000 put options hedging shows up in open interest
The report said open interest in Deribit’s $60,000 bitcoin puts climbed to about $1.5 billion, the highest across all strikes and expiries on the venue.
Deribit is widely described as the largest crypto options marketplace, and third-party materials have cited the platform at roughly ~80% share of crypto options activity/market share.
Why $60,000 matters to institutions
The report framed the hedging as notable because ETF holders and corporate treasuries collectively control a meaningful slice of bitcoin supply. It cited roughly 1.26 million BTC in net inflows to U.S.-listed spot bitcoin ETFs (about ~6% of circulating supply) and about 1.14 million BTC held by publicly listed firms (about ~5.7%)
Market pricing: puts still command a premium
Even as bitcoin traded back toward the mid-to-high $60,000s, the options market continued to price downside protection expensively. Péquignot said 30-day puts were trading at about a ~7% implied-volatility premium versus calls, and that the 25-delta risk reversal remained “stubborn.”
bitcoin 60000 put options hedging and the “short gamma” warning
Péquignot added that volatility may pick up if prices drop below $63,000, because dealers and market makers may be “short gamma” at $60,000 or lower potentially leading them to sell more as price approaches $60,000 in order to rebalance exposure, which can amplify downside moves.
Context & Analysis
Institutions that intend to hold through volatility often hedge by buying puts during uncertain market regimes especially near widely watched “line-in-the-sand” levels. The report suggests traders are willing to pay a premium for protection even after spot rebounds, implying continued concern about a fast reversal and a move back toward $60,000.
Concluding Remarks
Deribit’s data point to sustained demand for downside insurance among large, longer-term bitcoin holders. With $60,000 puts leading open interest and short-dated skew still favoring puts, the options market is signaling caution even as spot prices attempt to stabilize.
FAQs
Q : What is a bitcoin put option, and why would institutions buy it?
A : A bitcoin put option gives the holder the right (but not the obligation) to sell Bitcoin at a fixed price (strike) before a certain date. Institutions buy puts as downside insurance if BTC falls, the put increases in value and helps offset losses in spot holdings, ETFs, or treasury allocations.
Q : What did Deribit say about $60,000 puts?
A : Executives at Deribit said ETF holders and corporate treasuries have been buying 6-month and 1-year puts at $60,000 or below. Open interest around the $60,000 strike reportedly reached about $1.5 billion, showing strong demand for protection.
Q : Why is $60,000 a key level in this report?
A : $60,000 attracted the largest concentration of open interest, making it the focal point for institutional downside hedging. Heavy positioning there suggests many players want protection if BTC breaks below that level.
Q: How does options skew relate to market sentiment?
A: When puts trade at higher implied volatility than calls (negative skew), it means the market is paying more for downside protection often interpreted as heightened caution or risk aversion.
Q : What is “bitcoin 60000 put options hedging” in plain terms?
A : It simply means buying insurance around $60,000 purchasing put options so losses are limited if bitcoin falls below that price.
Q : What did Deribit’s executive mean by dealers being “short gamma”?
A : If dealers are short gamma, they may need to sell as prices fall (and buy as prices rise) to rebalance risk. Near $60,000, this behavior can amplify moves on the downside, increasing volatility during declines.
Facts
Event
Institutions accumulate downside protection via BTC put options struck at $60,000 or lowerDate/Time
2026-02-27T16:20:00+05:00 (report timestamp shown on one syndication)Entities
Deribit; Jean-David Péquignot (Chief Commercial Officer, Deribit); bitcoin (BTC); U.S.-listed spot bitcoin ETFs; publicly listed companies holding BTCFigures
Open interest in $60,000 BTC puts: ~$1.5 billion
U.S. spot BTC ETF inflows cited: ~1.26 million BTC (~6%)
Public company holdings cited: ~1.14 million BTC (~5.7%)
30-day puts vs calls: ~7% vol premium
Quotes
“ETF holders and corporate treasuries are buying 6-month and 1-year puts at $60k or below … as portfolio insurance.” Jean-David Péquignot
“30-day puts are still trading at a ~7% volatility premium over calls…” Jean-David Péquignot
Sources
Futu News syndication of CoinDesk report; MEXC/PANews syndication; third-party background on Deribit market share