Bitcoin traders are aggressively buying short- and near-dated put options on Deribit, targeting a price drop to as low as $52,000 by July 31. In the past 24-48 hours, notable flows included 337 contracts for June 22 $61,500 puts, 116 contracts for July 3 $60,000 puts, 380 contracts for July 3 $55,000 puts, 540 contracts for July 10 $55,000 puts, and 314 contracts for July 31 $52,000 puts. This surge in out-of-the-money puts reflects mounting bearish sentiment driven by a hawkish Federal Reserve, a stronger U.S. dollar, persistent outflows from Bitcoin ETFs, and growing pressure on Strategy (formerly MicroStrategy). Strategy's preferred stock (STRC) has plunged to record lows below its $100 par value, complicating its aggressive BTC accumulation strategy. Arca CIO Jeff Dorman noted that Strategy faces a dilemma: sell significant BTC and MSTR to support STRC or face further capital structure instability. As of writing, Bitcoin traded near $62,400, down 0.8% from midnight UTC, after hitting highs near $67,000 earlier this week.

Key facts

• Heavy buying of short-dated BTC put options on Deribit targeting $52,000 by July 31
• Notable flows: 337 contracts for June 22 $61.5K puts, 380 contracts for July 3 $55K puts
• Bearish sentiment driven by hawkish Fed, strong dollar, ETF outflows, and Strategy's pressure
• Strategy's preferred stock STRC plunges below $100 par, complicating BTC accumulation
• Bitcoin currently near $62,400, down from weekly highs near $67,000

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