Bitcoin Price Drops to $69,200, Trump's Ultimatum to Iran Triggers Volatility

The crypto derivatives market is showing increasing caution among investors, with premiums for hedging against potential Bitcoin (BTC) price drops on the rise. At the same time, global geopolitical pressures are contributing to the volatility in the price of the world’s largest digital asset. Citing CoinDesk on Sunday (22/3/2026), the latest report from investment management firm VanEck indicates that Bitcoin options market participants are now paying very high prices for protection against downside risk, signalling extreme fear among investors. VanEck noted that crypto investors have poured around $685 million into buying put options over the past 30 days. In contrast, premiums for call options have fallen by about 12 per cent to around $562 million. “Compared to spot volume, put premiums have reached an all-time high,” wrote a senior VanEck analyst in the report. Additionally, the average put/call open interest ratio was recorded at 0.77 and peaked at 0.84. That level is the highest since mid-2021, when China tightened its policies on Bitcoin mining activities. At the same time, futures funding rates have dropped to 2.7 per cent from a previous 4.1 per cent, indicating reduced high-leverage speculation in the crypto market. The report also highlights that transaction activity on the Bitcoin blockchain remains relatively weak. However, selling pressure from miners is considered to be under control. VanEck found that over the past six years, periods when options indicators showed extreme fear have often been followed by Bitcoin price increases.