Max pain at $75k but $596m in $20k Bitcoin puts expose market’s fear
Summary Deribit data shows $20k Bitcoin put options are now the third most crowded strike by open interest, with about $596m notional, behind $125k and $75k calls heading into the quarterly expiry. Despite the doomsday optics, much of the $20k put exposure likely reflects traders selling tail-risk insurance for premium rather than betting on a…
