Bitcoin Options Send a Warning Signal! Traders Rush to Buy Bid Insurance Amid Energy Crisis . The crypto market is getting tense! After Bitcoin failed to stay above $75,000 and fell back to the $70,000 zone, Bitcoin Spot ETFs experienced continuous outflows for two consecutive days, totaling over $254 million. . 1) October 2025 — Bitcoin reached an all-time high of approximately $126,000 before steadily declining due to profit-taking by large investors. . 2) February 2026 — Over $3.8 billion flowed out of Bitcoin Spot ETFs (publicly traded funds holding actual Bitcoin) in a single month, the heaviest outflow since ETFs launched in 2024. . 3) February 28, 2026 — The US and Israel jointly attacked Iran's nuclear infrastructure and top leaders within an hour. The cryptocurrency market value dwindled by $128 billion. Bitcoin plummeted from $66 billion to $63 billion. 94,058 traders were liquidated (forced to close their positions due to insufficient margin) within 24 hours. 4) Early March 2026 — The Strait of Hormuz, a passageway for 20% of the world's oil, was threatened. Over 150 oil tankers were forced to wait outside the strait. WTI crude oil (the benchmark US crude oil) surged to nearly $120 per barrel. The direct consequence was that the Fed (US central bank) hesitated to cut interest rates because if energy prices continued to rise, inflation would be unstoppable. And with high interest rates, cash retained its value → risky assets like Bitcoin would continue to be under pressure. 5) March 9, 2026 — Trump announced on CBS that the operation... "It's over." Oil plummeted from $116 to $85 overnight. Bitcoin immediately jumped back above $70,000. The market breathed a sigh of relief. ETFs began receiving continuous inflows again. 6) Mid-March 2026 — The battle wasn't over as announced. WTI oil surged back above $94 per barrel since March 12th, up more than 50% compared to pre-war levels. The S&P 500 index plummeted to its lowest level in six months. Even gold, often seen as a safe haven during crises, fell more than 10% in just three days. The Fed revised its 2026 inflation forecast upwards to 2.7% and confirmed it would only cut interest rates once throughout the year. 7) Tuesday ~March 18th, 2026 — Bitcoin surged to $75,000, but there was no following buying interest in the options market. Bitcoin jumped to $75,000-$76,000. Inflows into ETFs have continued for 7 consecutive days, but in the Options market, there are no bullish buy signals. Institutional traders still don't believe in this support level. 8) Friday, March 21, 2026 — The Put/Call Ratio on Deribit (the world's largest crypto derivatives exchange) surged 2.5 times. Short explanation: A Put Option is a contract that gives the right to sell an asset at a predetermined price, used for profit or protection against a market downturn. A Call Option is a contract that gives the right to buy at a predetermined price, used for speculating on an upward trend. When a Put is significantly higher than a Call, it means people are "buying insurance against a downturn." This figure is similar to what happened on February 27th, the day Iran refused to negotiate on the nuclear issue, one day before war broke out. 9) Delta Skew reached +16% — Delta Skew is an indicator that shows where the Market Makers, or liquidity providers, are looking at the market. The worrying normal level started at +6%, today it's at +16%, reflecting that even institutional traders are uncertain whether the $69,000 support level will hold. 10) $254 million out of Bitcoin ETF in 2 days after the price stalled at $75,000. A net outflow of $254 million from Bitcoin Spot ETFs over two consecutive days. While this figure is still very small compared to the total assets in the fund, it's not yet clear that institutions have permanently reversed course. Oxford Economics indicates that higher energy prices will dampen consumer spending and may cause shortages of certain goods in the US. If this happens, fears of a recession will be the next wave the market will have to deal with. Currently, Bitcoin stands at an uncertain point: institutional selling pressure isn't strong enough to call it a crisis, but buying pressure hasn't returned consistently. The main variable the market is watching now is oil. If the war eases and oil falls below $80, the door for interest rate cuts will open again, and Bitcoin could reverse direction. #Bitcoin #BTC #OptionsTrading