That is the normal behaviour for commodities. It's arguably reasonable that Bitcoin behaves more like a commodity than a stock, at least so far as anything is arguably reasonable in the realm of cryptocurrency.

But maybe strategies involving puts will become more successful if we can convince more of the HN Bitcoin naysayers to sign up for LedgerX and put their money where their mouth is. :)

Where are you writing your options? Only the stablecoin pairs seem to be liquid