The latest report from Anchorage Digital shows that traders in the bitcoin options market are still playing defense. Short-term uncertainty has not gone away, but there is no panic around the Strategy market yet.
Head of Research Anchorage Digital David Lovant noted that demand for downside protection remains high. This is seen among both crypto traders and investors working through bitcoin exchange-traded products.
The report compared activity in three markets: Deribit, iShares Bitcoin Trust (IBIT) from BlackRock, and Strategy (MSTR) options. Together, they provide a broader picture of sentiment, from crypto-native players to institutions and retail investors.
On Deribit and in IBIT there is a noticeable tilt toward put options. Simply put, traders are now willing to pay more for downside protection than to bet on a new BTC rally.
According to Anchorage, defensive positioning is in the 82nd percentile for the entire history of IBIT options and the 84th percentile over the past five years on Deribit.
There is also another unusual point. For almost half of 2026, the weekly implied volatility for BTC options was higher than the monthly. Usually, such periods do not last long. This time, the market is staying in a risk-waiting mode longer than usual.
See Also: Crypto Sell-Off Intensifies: Ethereum, XRP, and Dogecoin Drop More Than Bitcoin Amid Tech Sector Decline
At Anchorage they link this to a series of macroeconomic, geopolitical, and crypto events. Because of them, traders are looking not so much at the long-term trend as at what might happen in the coming days.
Ratio of 30-day and 7-day implied volatility for bitcoin options. Source: Anchorage Digital report.
Lovant considers the moment when monthly implied volatility becomes higher than weekly again to be important. According to him, this will be a sign that the market is ready to look beyond short-term risks.
The Options Market Does Not Expect a Crisis in Strategy
Separately, Anchorage studied Strategy options. The picture there is also cautious, but without signs of panic.
Preferred perpetual shares of Strategy (STRC) fell to $82.53 on June 22, about 17% below par at $100. The shares later partially rebounded after the company announced an increase in fiat reserves to $1.3 billion.
But by Thursday, STRC was again trading around $77, or about 23% below nominal value.
Weakness also affected ordinary shares of Strategy. According to Yahoo Finance, MSTR fell about 78% over the past year and traded around $87 on Thursday.
Strategy (MSTR) shares. Source: Yahoo Finance.
Despite this drop, the Strategy options market does not yet look like investors are expecting a crisis. At Anchorage they note that current indicators are still below the stress levels seen during past corrections.
Traders continue to buy downside protection, but the tilt toward put options has not reached levels usually associated with fear of forced deleveraging or a broader company problem.
Strategy under the leadership of Michael Saylor was the first to make bitcoin reserves the basis of corporate strategy back in 2020. The company is now the largest corporate holder of BTC. It holds 847,363 BTC on its balance sheet.
30-day risk reversal indicator in the Strategy (MSTR) options market. Source: Anchorage Digital report.
