TechFlow News, March 20: According to a recent Bitcoin on-chain report by VanEck cited by DL News, bearish sentiment among Bitcoin options traders has reached its highest level in five years. Last month, the put/call ratio peaked at 0.84, with an average of 0.77—placing it in the most bearish 9% percentile since mid-2019. Total open interest in Bitcoin options has surpassed $33 billion. Meanwhile, put option premiums have hit an all-time high, indicating that institutional investors are aggressively purchasing downside protection.
Analysts suggest this extreme defensive posture may stem from macro factors such as escalating Middle East tensions, regulatory risks, and liquidity concerns. However, others note that historically, peaks in bearish sentiment often signal market bottoms.
