Bitcoin Drops to $62,000 Amid Panic, Traders Shift to Put Options
Bitcoin's price falls to $62,000 as traders respond to market panic with increased demand for put options, according to CoinDesk. The most traded put option on Deribit, expiring on June 26 with a strike price of $50,000, highlights a bearish sentiment in the market.
Bitcoin experiences a significant downturn, declining to $62,000, which has triggered panic among traders. This has led to an increase in demand for protective put options, particularly those with a strike price of $50,000 set to expire on June 26, which has emerged as the most traded contract on Deribit, the largest crypto options exchange by volume.
A put option serves as insurance against price losses for the underlying asset, indicating that traders either expect a notable decline or are seeking to protect their positions from potential downside risks. Alongside the $50,000 put, other puts with strike prices of $65,000 and $55,000 are also witnessing increased trading activity, further reinforcing the bearish sentiment among traders. Notably, only one call option, a bet that Bitcoin's price will rise, features in the top five contracts traded, emphasizing the prevailing cautious outlook.
Summary based on original reporting by Omkar Godbole at CoinDesk, originally published Jun 4, 2026. SolanaWire does not republish source content.
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