Bitcoin Options OI Drops to $32.6B as Put-Led Volume Signals Downside Hedging Near $77K

Bitcoin options open interest fell to $32.64 billion as 24-hour volume tilted slightly to puts (50.33%), indicating rising downside protection amid de-risking after major expiries. From early April's $30B OI buildup and key events like $1.9B (Apr 10), $1.6B (Apr 17), $7.9B (Apr 20), and $8.5B (Apr 24) settlements above max pain ($72K), BTC rallied past $77K on derivatives buying, ETF inflows over $800M, and MicroStrategy's $1B purchase. Persistent net taker buying targeted $80K, but recent OI drop and hedging flows suggest short-term caution and elevated volatility risk.