BTC Puts Surge Past 2023 Levels on Tariff Worries

Bybit the second-largest cryptocurrency exchange by trading volume together with Block Scholes analytics firm released their latest weekly crypto derivatives report from Dubai United Arab Emirates on April 15 2025. The most recent update explores how Trump administration tariffs climbed higher while generating worldwide market volatility and causing protective measures throughout the crypto derivatives sector especially in BTC options.

The newest crypto derivatives data displays intensified bearish cues through out-of-the-money (OTM) BTC put option trading which now reaches higher levels than when banks faced crisis conditions in Q1 2023 of U.S. banking systems. Higher tensions from the trade war upset market confidence yet the three-month trade pause brought about brief market improvements.

Key Highlights from the Report:

• BTC Open Interest Shaken by Trade Turbulence: Bybit analytics showed the market remained stable up until “Liberation Day” created disturbances. The cryptocurrencies Bitcoin and Ethereum experienced a complete market reversal following the initial period which led to substantial declines from their March peak levels while following the risk-off direction. Digital assets faced sharp downward movement because ongoing tariff declarations were intensifying during that period.
• Funding Rates Lose Momentum: Fundings rates on Bybit perpetual swaps went up before returning to previous levels according to the report. A rise in market sentiment gave way to immediate trader doubt because of unclear trade policies. The cryptocurrency market stands in an uncertain position which has caused BTC derivative markets to lack direction because of shifting expectations between recovery optimism and new pessimistic views.
• Put Options Dominate Amid Fear: The dollar value of BTC fell below $75000 when the trade officials raised their tariff levels which triggered widespread adoption of risk protection options strategies. The market transaction volume of put options continued to rise above that of call options and created an overwhelming bearish position on the open interest front. The existing ratio of puts to calls currently surpasses the one recorded during the 2023 banking sector panic due to increased interest in protecting against market drops. The price recovery did not change the fact that market participants continue to show elevated concern through the upside-down volatility pattern.

To explore further data and visual analytics, readers are encouraged to download the full report.

About Bybit

The cryptocurrency exchange Bybit reaches second place in trading volume worldwide while serving more than 60 million customers across the globe. Since its founding in 2018 the platform progressed to become a market-leading provider of decentralized innovation by creating a protected digital platform that welcomes all users. The company puts Web3 development at its core to join forces with major blockchain systems to deliver advanced infrastructure and tools. The platform acts as a connectivity solution between conventional financial systems and decentralized finance through a combination of security and user experience principles and extensive accessibility.

For more details, visit Bybit.com.