Bitcoin Holds $110K, But Traders Just Bet $1.15B on Crash to $104K

Bitcoin institutional traders bet over $1.15 billion on downside protection in the past 24 hours, with put options accounting for 28% of total market transactions despite Bitcoin holding above $110,000. Greekslive reported transactions concentrated in shallow out-of-the-money puts for this week and month, with a trading range of $104,000 to $108,000 forming the dense area. 比特币期权大宗市场数据显示，最近的24小时内，比特币大宗看跌期权成交占比明显上升，超11.5亿美元占市场总成交的28%，成交主要集中在本周和本月的浅虚值看跌期权，10.4K至10.8K是成交密集区。… ￰0￱ — Adam@Greeks. live (@BTC__options) October 16, 2025 Market skew turned deeply negative, with short-term deviation comparable to October 11 levels immediately after the $19 billion liquidation ￰1￱ stated “ the options market, particularly large players such as market makers, has a high degree of panic regarding the downside in the latter market, even approaching the sentiment after the comprehensive market collapse on the 11th. “ The defensive positioning comes as Bitcoin trades above $110,000, down 1%, but holding above a key psychological support level in that range.) October 16, 2025 The narrative particularly gained traction amid heightened speculation about upcoming Trump announcements that could potentially impact markets.

Currently, Binance leads exchange open interest at $11.5 billion, followed by Bybit at $7.0 billion, Huobi at $4.3 billion, and OKX at $3.6 billion. Deribit, specializing in options, holds $2.7 billion, while Hyperliquid accounts for $2.4 billion.) October 15, 2025 The $104,000 level, where put options concentrate, represents approximately 7.3% downside from current levels and aligns with recent liquidation event lows around $102,000. Currently, Bitcoin faces probable consolidation between $105,000-$120,000. The $104,000 level represents a critical test where Bitcoin either finds support and stabilizes or breaks toward deeper correction zones around $96,500 MVRV fair ￰2￱ extended timeframe for new all-time highs appears likely, with 2026 potentially representing a more realistic peak than December 2025 if liquidity conditions evolve as anticipated.