The Deribit-listed bitcoin options market is signaling increased caution among traders, with some preparing for a potential decline to $80,000 amid current price weakness. Notional open interest in BTC options remains above $40 billion, with significant activity in November and December strikes near $110,000. However, demand for the $80,000 strike has risen, indicating expectations of further sell-offs. Deribit reports a surge in put options near the $80,000 level, suggesting hedging against a deeper price decline. The $80,000 put option has open interest exceeding $1 billion, while the $90,000 put stands near $1.9 billion. Bitcoin's price has fallen over 18% from its peak of more than $126,000 four weeks ago, driven by macroeconomic pressures and forced deleveraging.