Bitcoin options show traders are hedging against a price pullback to the $100,000 price level with geopolitical and economic uncertainty rising across global financial markets.

The put-to-call volume ratio on the crypto derivatives exchange Deribit surged to 2.17 over the past 24 hours, reflecting a strong tilt toward protective bets. Put options, which offer downside insurance by giving the holder of the contract the right to sell at a certain price, saw outsized demand, particularly in short-dated contracts.

For options expiring June 20, open interest in puts struck at $100,000 now tops the board, with a put-to-call ratio of 1.16, underscoring concern about a near-term price fall.

Bitcoin reached an all-time high of $111,980 on May 22, and is up more than 50% since a now crypto-friendly Donald Trump was elected president of the US for a second time in November. The largest cryptocurrency was little changed at about $104,377 on Wednesday.