Bitcoin options markets show defensive positioning as traders rebuild after October's deleveraging wiped out over $19 billion in leveraged positions. Approximately $31 billion in contracts are set to expire during Halloween week, with heavy put concentration around $100,000 and calls clustered near $120,000. Short-dated implied volatility remains elevated near 50%, reflecting sustained caution despite Bitcoin's recent price recovery.

Bitcoin is trading near $110,000, approximately 30% below its Nasdaq 100-correlated fair value of $156,000, according to ecoinometrics. This represents one of the widest valuation gaps recorded in two years. The last comparable divergence occurred in 2023 and preceded a significant rally.