Bitcoin Buckles Below $89K, Ethereum Sinks, and the Rest of the Market Gets Obliterated

first published 2025-11-19T05:29:45Z

BTC dropped >25% to about $91,000 since Oct. 8, triggering a shift in options positioning: the $140K call open interest on Deribit fell to $1.63B while the $85K put leads with $2.05B and $80K/$90K puts now exceed the $140K call. Short-dated puts (~$84K–$80K) show heavy volume, front-end implied vol is ~50% with a +5%–6.5% put skew, and Dec. 26 $80K puts are concentrated as traders reassess fading rate-cut odds and mixed macro signals. Decentralized options data (Derive.xyz) show 30-day skew moving to -5.3%. Technicals (Fear & Greed ~15, RSI ~30) and rising whale wallet accumulation point to short-term downside with potential accumulation opportunities.

AI Analysis

BTC fell >25% to ~$91K and options positioning flipped: $140K call OI fell to $1.63B while $85K put OI is $2.05B and $80K/$90K puts now exceed the $140K call. Short-dated puts are seeing heavy volume, front-end IV is ~50% with a +5%–6.5% put skew, and traders are concentrating on Dec. 26 $80K puts — all concrete, short-term derivatives flows that signal bearish positioning and are likely to move intraday-to-few-day markets.

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