Laevitas

Laevitas

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BTC options 24h volume on Deribit surged to a record 140.31k contracts on Feb 5, with 82.08k puts and 58.23k calls. This spike in options activity coincided with a sharp market selloff, as BTC fell nearly 15% to around $62k on Feb 5 before extending losses toward $60k on Feb 6. Put volume reached the highest level on record.

SIREN price surged nearly 640% to $0.39 yesterday before retracing and now trading around $0.10. It ranked 5th globally in perps. 24h volume, behind BTC, ETH, SOL, and XRP, recording $1.62B (1.94% of total perps volume). Binance dominated activity, accounting for 87% of volume.

BTC fell to $60K and ETH dropped below $1.8K, triggering a sharp spike in the Deribit implied volatility index. BTC DVol surged to 90 vols, rising by roughly 35 volatility points in a single day, while ETH DVol climbed to 100,the highest level since November 2022.

The market remains under pressure as the bloodbath in BTC and altcoins continues. Notably, on Deribit, a SOL 27FEB26-85-P long put position (106530x) and a XRP 27MAR26-1.2-P long put (1462000x) were recorded. A XRP 27FEB26-1.4-C/P long straddle (2Mx) was also opened.

Bear put spread activity in BTC options on Deribit over the past 24 hours: Sell 65000-P / Buy 72000-P 13FEB26 1250x net premium:$330.23k Sell 60000-P / Buy 70000-P 20FEB26 300x net premium: $131.94k Sell 62000-P / Buy 68000-P 13FEB26 200x net premium: $59.1k twitter.com/laevitas1/status/2...

Over the past few hours, bear put spread was observed on Deribit for the 27 Feb 2026 expiry. Sell 1500-P / Buy 1800-P 27FEB26 30000x Net premium: $320.79k

BTC fell nearly 10% to $75.5K on Jan 31 and is now trading around $77.2K, roughly 39% below its all-time high. Yesterday, as price fell, the 7-day 25-delta risk reversal declined from −4 vols to −14 vols, a level not seen since April 2025, reflecting increasing demand for downside protection. Since then, the RR skew has moved higher, with puts now trading at a 7.5 vol point premium over calls.

Over the past 24 hours, Bear Put Spread was observed on Deribit for the 6 Feb 2026 expiry. Sell 70k-P / Buy 78k-P 6FEB26 2100x net premium:$646.1k

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