Bitcoin Options Market Shows Shift Toward Bearish Bets

Recent data from the Deribit exchange reveals a significant shift in the Bitcoin options market, with bearish bets gaining prominence. Investors have amassed substantial positions in put options, anticipating a price decline below the $80,000 mark. This surge in bearish activity is evident in the high volume of activity surrounding the $80,000 put option, which now holds an open position value exceeding $2 billion, significantly surpassing the previous dominant $85,000 put option.