Bitcoin’s derivatives and onchain activity are showing clear signs of defensive positioning among market participants in the wake of sharp price movements in early 2026. Recent research by VanEck, a major global asset manager specializing in exchange-traded funds and digital assets, highlights a notable shift toward downside protection strategies in options markets and intensifying pressures on miner economics.
Options Demand Highlights Market Caution
Open interest in puts versus calls on Bitcoin options reached an average ratio of 0.77 over the past month, peaking at 0.84, the highest readings since Chinese authorities imposed their mining ban in June 2021. This level places the current figure in the 91st percentile among similar observations since mid-2019, reinforcing a perception of heightened demand for hedging against future declines.
Total premiums paid for puts came in at about $685 million for the month, a decrease of 24% from the previous period but still surpassing the majority of readings from 2025. In relation to spot market volume, these premiums hit a record high of 4 basis points—roughly triple the post-Terra/Luna collapse rates seen in mid-2022. Call option premiums, meanwhile, declined by around 12% to $562 million, further confirming the tilt toward defensive strategies.
Overall options open interest grew 3% on the month to $33.4 billion, yet funding rates for futures remained muted at 2.7%, and realized volatility dropped from 80 to 50 during the same timeframe.
Statistical Skew And Volatility Trends Reveal Further Shifts
VanEck’s analysis examined the ratio of put to call premiums paid, which stood at 2.0 for the 30-day period ending March 3, 2026. Implied volatility of puts averaged 66, outpacing realized volatility by 16 points. Historically, skew readings at this decile preceded average 90-day Bitcoin returns of 13.2%, with the 360-day average climbing to 133.2%.
VanEck stated that this magnitude of defensive positioning and skew is rare and has, in previous cycles, coincided with statistically strong medium-term market rebounds.
This data supports the narrative that participants are actively seeking portfolios structured for downside scenarios, even as certain historical patterns suggest potential for medium-term recovery.
Miner Chains, Onchain Activity Face Economic Hurdles
Onchain network metrics for Bitcoin revealed broad declines in activity over the month. Transfer volume fell by 31% and daily fee totals dropped 27%. Daily active addresses trended lower by 5%, and mean transaction fees fell 40%, with transaction count the only category showing modest growth.
Bitcoin’s increasing representation within exchange-traded products, derivatives, and major exchanges highlights the asset’s ongoing financialization. As this structural shift accelerates, traditional onchain indicators have become less effective as comprehensive market barometers.
Bitcoin miners are facing narrowing margins, with total revenues declining 11% during the month. Mining-related equities dropped roughly 7%, reinforcing concerns around sector profitability. Outflows from miners to exchanges increased by 1% in Bitcoin terms, indicating a measured approach to reserve management.
Miners maintain aggregate reserves of about 684,000 BTC, only a slight 0.5% reduction on an annual basis. Within the year, an estimated 164,000 newly mined coins have also been sold, suggesting a steady pace of supply distribution. Transfer volume by long-term holders decreased across all cohorts, while the share of active long-term supply edged down from 31% to 30%.
