A fresh analytical report from Anchorage Digital reveals a dominant sentiment in the Bitcoin derivatives market: total hedging. Traders continue to actively hedge against further declines in the leading cryptocurrency. At the same time, despite the turbulence, the market is not yet signaling catastrophic expectations regarding Strategy's corporate securities.

David Lovant, Head of Research at Anchorage Digital, highlights the abnormally high demand for downside protection. This trend is visible both among crypto enthusiasts and traditional financiers. Experts compared data from three key venues: the derivatives exchange Deribit, BlackRock's IBIT Bitcoin fund, and the Strategy options market. On the first two platforms, a clear skew toward put options has been recorded. Investors are willing to overpay for portfolio protection rather than for upside bets. The level of such defensive positioning has reached historical highs: the 82nd percentile for IBIT and the 84th percentile over the five-year history for Deribit.

Another troubling anomaly noted by analysts is the inversion of the volatility curve. For almost the entire first half of 2026, short-term implied volatility has exceeded long-term volatility. Such phenomena are usually episodic, but now the market has been stuck in anticipation of near-term shocks for an extended period. Lovant notes that macroeconomic and geopolitical factors are forcing traders to focus on risks in the coming days, ignoring long‑term trends. A return to calm would be signaled by monthly volatility moving back above weekly volatility.

As for Strategy, the options market here shows cautious restraint without signs of panic. The company's preferred shares fell below $83 at the end of June, trading at a significant discount to par. Common shares have lost more than three‑quarters of their value over the past year, falling to around $87.

However, despite the substantial drop in prices, options activity around Strategy has not reached the stress peaks characteristic of past crises. The skew toward protective positions does not signal fears of forced liquidation or systemic issues within the company. We remind you that it was Strategy, under the leadership of Michael Saylor, that first implemented a Bitcoin accumulation strategy in corporate treasury, and today holds more than 847,000 coins in its reserves.

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The material is prepared solely for informational purposes and does not constitute a financial advice or recommendation.