Bitcoin traders are making big bets on volatility by scooping up deep out-of-the-money options—like the $20K strike put expiring June 2026, which now boasts over $191 million in open interest on Deribit. But despite appearances, this isn’t a bearish play predicting a price crash. With similar activity in $230K calls, traders are targeting major volatility rather than a specific price direction.
These “lottery ticket” options, so far from the current BTC price, offer a cheap way for pros to profit from extreme moves. If Bitcoin stays flat, the bets expire worthless, but explosive price swings could mean huge gains.
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