Anchorage sees Bitcoin traders hedge downside

• Anchorage Digital said Bitcoin options traders continue favouring downside protection as near-term market uncertainty persists.
• The firm found elevated demand for protective put options across Deribit and BlackRock's iShares Bitcoin Trust options markets.
• Despite recent weakness in Strategy's shares, Anchorage said options markets are not signalling expectations of a severe corporate crisis.

Anchorage Digital said Bitcoin (CRYPTO:BTC) options traders remain positioned for downside protection, with elevated demand for put options across Deribit and BlackRock's iShares Bitcoin Trust options markets reflecting continued caution.

The firm's analysis found defensive positioning ranked in the 82nd percentile of IBIT's history and the 84th percentile of Deribit's five-year history, indicating investors continue paying a premium to hedge against short-term declines.

Anchorage Digital head of research David Lawant said he is watching for one-month implied volatility to move above one-week implied volatility again, which he said would signal that markets are becoming more comfortable looking beyond immediate risks.

The report also found Bitcoin options markets have frequently priced higher one-week implied volatility than one-month volatility during 2026, attributing the unusual pattern to ongoing macroeconomic, geopolitical and cryptocurrency-specific events.

Anchorage said Strategy's recent share price weakness has not produced options market conditions typically associated with expectations of forced deleveraging or a broader corporate crisis, despite continued downside hedging.

Strategy's STRC preferred shares recently traded well below their US$100 par value after falling as low as US$82.53, while the company increased its fiat reserves to US$1.3 billion, and its common shares have also declined significantly over the past year.

The report concludes that options traders remain focused on managing near-term uncertainty rather than positioning for a decisive market direction, even as Strategy continues holding 847,363 Bitcoin on its balance sheet.

At the time of reporting, Bitcoin price was $59,748.00.