Bitcoin traders are scrambling to buy options bets that would pay off if the selloff deepens.

Only 20% of June 26 options open interest is currently in the money, while bitcoin's 12% monthly decline leaves most bullish positions underwater.

Bitcoin traders are scrambling to buy options bets that would pay off if the selloff deepens.

Bitcoin trades dangerously close to a $4 billion liquidity pocket at $59,000, but data suggest traders may absorb new year-to-date lows.

Bitcoin traded at $64,159 on Saturday, and the derivatives market around it tells a story of retreat and repositioning.