Bitcoin price analysis: Bets on BTC slide below $75,000 are now as hot as those $100,000 plays

Bitcoin's price has recently crashed by nearly 10%, falling below $78,000 and hitting nine-month lows, which has dramatically shifted market sentiment. This decline has caused a massive surge in demand for put options, which protect against price drops. On the Deribit exchange, the notional open interest for $75,000 put options now nearly matches that of the dominant $100,000 call options, indicating that bearish bets are now as popular as bullish ones.

This contrasts sharply with the post-Trump-election period, where higher-strike calls were favored, likely due to hopes for pro-crypto regulations. However, Bitcoin's rally stalled above $120,000 in October. Traders and funds appear to have had playbooks ready for these price ranges, with significant open interest also noted in puts at $70,000, $80,000, and $85,000 strikes, while higher-strike calls, excluding the $100,000 level, show less activity.

(Source：CoinDesk)