Options Data

Put Open Interest

Notional value of outstanding put options.

What the term means

Put Open Interest tallies the notional value of all outstanding put contracts:

Open put contracts × 100 shares × Current stock price

Expressed in USD, it updates intraday and shows how much equity exposure put holders control across strikes and expirations.

Why the term matters for Bitcoin treasury companies

Downside gamma bomb detector

Massive Put OI means dealers are long put gamma. When shares fall, hedging forces relentless selling, causing waterfall declines. A $10 billion Put OI stack is a loaded gun pointed downward until it unwinds.

Short-squeeze trigger

If the stock reverses higher, put holders rush to cover and dealers buy back hedges. The combination often delivers 100%+ moves in a week—Put OI sets the stage for violent upside reversals.

Premium compression warning

Surging Put OI signals fear of mNAV collapse. A $5–10 billion jump can knock 0.3–0.8× off mNAV almost overnight as options markets price in distress.

Capital-raising poison pill

Treasury teams avoid raising when Put OI is high; the hedge-induced selling torpedoes even accretive deals. Smart operators wait for Put OI to fade before tapping markets.

Volatility feedback loop

Heavy Put OI pushes IV higher, attracting more put buying in a fear spiral. The stock trades like a distressed micro-cap until the positioning clears.

Retail panic indicator

Weekly puts are a retail fear barometer. A spike below spot ignites bearish social chatter and negative media narratives that can linger until expiration.

Bottom signal

When Put OI peaks and rolls off (often post-OPEX), the downside gamma blanket vanishes. Dealers stop selling and stocks rip 50–150% as shorts scramble to cover.

Bottom line

Put Open Interest is the fear gauge. $10 billion+ levels crush premiums and block raises; collapsing Put OI unleashes short-cover rallies. Track it alongside Call OI to know when risk flips from downside cascades to upside explosions.

How BitcoinQuant incorporates it

We update Put OI intraday—Source: Yahoo Finance options. Contracts × 100 × share price, puts only. Dashboards plot Put vs Call OI, highlight fresh highs, and fire alerts when Put OI falls sharply, signalling relief rallies are likely.