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Traders Bet $550 Million on Bitcoin to Fall to $70,000

Crypto traders are expecting further declines in the price of Bitcoin in March, having accumulated $550 million in positions in put options with a strike of $70,000, according to data from Amberdata, DLNews writes .

Derive head of research Sean Dawson noted a rise in bearish sentiment in a March 11 report . Almost 43% of contracts traded on the platform overnight were puts, reflecting the need to hedge against a downside move, he said.

“The market faces significant challenges as the macroeconomic situation worsens, and crypto assets are no exception. […] The coming weeks are critical to assess how the broader economic situation impacts digital asset prices and trading behavior,” Dawson said.

However, not all market participants are pessimistic about Bitcoin's future prospects. Data from the Deribit derivatives exchange show traders actively increasing their positions in call options with a strike price of $100,000-120,000.

At the same time, the ratio of contracts for sale and purchase remains in favor of the bears - 0.52.