According to VanEck’s mid-March 2026 Bitcoin ChainCheck, traders in Bitcoin are currently investing unprecedented amounts for downside protection. This indicates that investors are adopting a cautious stance even as spot prices start to show signs of stabilization.
The report highlights that the average price of Bitcoin over the past 30 days has decreased by 19% compared to the previous period, while realized volatility has dropped from approximately 80 to just above 50.
Additionally, futures funding rates have declined from 4.1% to 2.7%, indicating a reduction in leveraged speculation among traders.
The options market reflects an extremely cautious sentiment among investors. VanEck noted that the put/call open interest ratio averaged at 0.77 and reached a peak of 0.84, marking the highest level since June 2021 when China imposed restrictions on Bitcoin mining activities.
Over the last month, traders have allocated around $685 million towards put options, whereas call premiums saw a decrease of about 12%, totaling roughly $562 million according to the report. In relation to spot volume, put premiums hit an unprecedented high of approximately four basis points—an all-time record based on VanEck’s data.
The report states: “In comparison with spot volume, put premiums achieved an all-time high near four basis points—around three times higher than levels observed in mid-2022 following incidents like the Terra/Luna stablecoin collapse and issues surrounding Ethereum staking liquidity.”
This suggests that investors are willing to pay more for protective measures against potential losses.
VanEck pointed out that such fear often signifies pivotal moments rather than ongoing declines. The firm discovered that over the past six years, similar patterns in options trading were typically followed by average gains in Bitcoin of about 13% within three months and around 133% over one year.
The analysis also notes persistent weakness in on-chain activity while miner selling remains limited.