BTC options market shows growing bets on drop to $50K

Investors in the Bitcoin derivatives market are increasingly positioning for a further price decline rather than a rebound, according to an analysis by CoinDesk. The outlet noted that while Bitcoin has partially recovered to around $58,800 after a recent drop to $57,700, open interest has climbed to 768,000 BTC. In the options market, put options, which are bets on a price decrease, are priced higher than call options across all expiration dates. Furthermore, demand has been observed in the over-the-counter market for put options with a $50,000 strike price expiring in September. This positioning suggests that traders are preparing for the possibility of BTC falling below $50,000 by the end of the third quarter, the report concluded.