What Is ‘Delta’ in Options Trading and How Does It Change as the Coin Price Crashes?

Delta ($Delta$) measures an option's sensitivity to a change in the underlying asset's price, expressed as a value between 0 and 1 (for calls) or -1 and 0 (for puts). For a put option, as the coin's price crashes, the put moves deeper in-the-money, and its delta moves closer to -1.

This means the option's price will move almost dollar-for-dollar with the underlying coin's price, making it an effective hedge during a crash.