How are BITQ long put max profit and max loss calculated?

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the BITQ long put priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 60.70%), the computed maximum profit is $1,666.50 per contract and the computed maximum loss is -$132.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BITQ long put?

The breakeven for the BITQ long put priced on this page is roughly $16.68 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The BITQ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.40%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BITQ implied volatility affect this long put?

BITQ ATM IV is at 60.70% with IV rank near 20.76%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

BITQ Long Put Strategy

BITQ (Bitwise Crypto Industry Innovators ETF), in the Financial Services sector, (Asset Management - Cryptocurrency industry), listed on AMEX.

The index was designed by Bitwise Index Services, LLC to measure the performance of companies involved in servicing the cryptocurrency markets, including crypto mining firms, crypto mining equipment suppliers, crypto financial services companies, or other financial institutions servicing primarily crypto-related clientele (i.e., the crypto ecosystem). Normally, the fund invests at least 80% of its net assets in securities of Crypto Innovators. It is non-diversified.

BITQ (Bitwise Crypto Industry Innovators ETF) trades in the Financial Services sector, specifically Asset Management - Cryptocurrency, with a market capitalization of approximately $320.9M, a beta of 3.52 versus the broader market, a 52-week range of 16.65-29.35, average daily share volume of 118K, a public-listing history dating back to 2021. These structural characteristics shape how BITQ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.52 indicates BITQ has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a long put on BITQ?

A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.

BITQ snapshot

As of November 13, 2026, spot at $18.09, ATM IV 60.70%, IV rank 20.76%, expected move 17.40%. The long put on BITQ below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this long put structure on BITQ specifically: BITQ IV at 60.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a BITQ long put, with a market-implied 1-standard-deviation move of approximately 17.40% (roughly $3.15 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BITQ expiries trade a higher absolute premium for lower per-day decay. Position sizing on BITQ should anchor to the underlying notional of $18.09 per share and to the trader's directional view on BITQ etf.

BITQ long put setup

The BITQ long put below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BITQ at $18.09 on that close, the first option leg uses a $18.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BITQ chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 BITQ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$18.00	$1.33

BITQ long put risk and reward

Net Premium / Debit: -$132.50
Max Profit (per contract): $1,666.50
Max Loss (per contract): -$132.50
Breakeven(s): $16.68
Risk / Reward Ratio: 12.577

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

BITQ long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on BITQ. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	+$1,666.50
$4.01	-77.8%	+$1,266.63
$8.01	-55.7%	+$866.76
$12.01	-33.6%	+$466.89
$16.00	-11.5%	+$67.02
$20.00	+10.6%	-$132.50
$24.00	+32.7%	-$132.50
$28.00	+54.8%	-$132.50
$32.00	+76.9%	-$132.50
$36.00	+99.0%	-$132.50

When traders use long put on BITQ

Long puts on BITQ hedge an existing long BITQ etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying BITQ exposure being hedged.

BITQ thesis for this long put

The market-implied 1-standard-deviation range for BITQ extends from approximately $14.94 on the downside to $21.24 on the upside. A BITQ long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long BITQ position with one put per 100 shares held. Current BITQ IV rank near 20.76% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on BITQ at 60.70%. As a Financial Services name, BITQ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BITQ-specific events.

BITQ long put positions are structurally bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. BITQ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BITQ alongside the broader basket even when BITQ-specific fundamentals are unchanged. Long-premium structures like a long put on BITQ are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current BITQ chain quotes before placing a trade.

Frequently asked questions

What is a long put on BITQ?: A long put on BITQ is the long put strategy applied to BITQ (etf). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With BITQ etf at $18.09 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed BITQ chain strike and the premiums come straight from that session's bid/ask midpoint.
How are BITQ long put max profit and max loss calculated?: Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the BITQ long put priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 60.70%), the computed maximum profit is $1,666.50 per contract and the computed maximum loss is -$132.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BITQ long put?: The breakeven for the BITQ long put priced on this page is roughly $16.68 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The BITQ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.40%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a long put on BITQ?: Long puts on BITQ hedge an existing long BITQ etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying BITQ exposure being hedged.
How does current BITQ implied volatility affect this long put?: BITQ ATM IV is at 60.70% with IV rank near 20.76%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.