Bitcoin Experiences Sharp Drop, Traders Respond with Put Option Surge

Bitcoin has experienced a significant downturn in value, plummeting approximately 18% within a short timeframe. This rapid price decline has triggered adjustments by traders, as they quickly re-evaluated their positions to mitigate potential losses. Deribit data reveals historically high levels of open put options at the $80,000 and $90,000 mark, indicating that investors are seeking protection against further price reductions.