Bearish bets on IBIT and MSTR rise amid Bitcoin slump

While Bitcoin futures have rebounded after falling as low as $58,995, downward pressure has also been evident in options for spot Bitcoin ETFs and MicroStrategy (MSTR), CNBC reported. Trading volume for options on BlackRock's spot Bitcoin ETF (IBIT) has surged to roughly double its 30-day average. Of the $187 million in total premiums traded, $144 million was for put options. Similarly, put trading in MicroStrategy options has outpaced call trading, with investors buying puts while simultaneously selling calls. This suggests that investors are pricing the risk of a Bitcoin price decline into not only spot ETFs like IBIT but also into the stock of major corporate BTC holder MicroStrategy.