Bitcoin is lower today, trading just above the $86,000 level
Bitcoin (BTC) began the year on a high note, nearly reaching the $110,000 mark. However, the world’s leading cryptocurrency is now trading at a three-month low, just above $86,000. As BTC pulls back, put traders are increasingly targeting key equities such as MicroStrategy Inc (NASDAQ:MSTR) and Coinbase Global Inc (NASDAQ:COIN), signaling potential challenges ahead.
At last glance, MSTR shares were down 11%, trading at $251.64. Despite a remarkable 217% year-over-year gain, the stock has declined 12.8% in 2025, largely due to a 28.4% drop over the past month. Notably, MicroStrategy stock is now trading below the $280 mark -- support level that previously served as a floor during a significant late-December pullback.
Coinbase Global stock was last seen down 7.6% to trade at $209.76, marking its seventh consecutive day of losses. The shares have shed 29% over the past month and are down 14.8% year-to-date. Additionally, COIN is now trading below the $220 level for the first time since early November.
Put traders are targeting both equities at roughly double their average intraday volume. For MSTR, the most popular option is the weekly 2/28 250-strike put, where new positions are being sold to open. Meanwhile, COIN’s favored contract is the weekly 2/28 200-strike put.