Bitcoin (BTC) traders are hedging against a potential market drop, with a massive options bet targeting a $60,000 price level for the flagship cryptocurrency.<\/p>\n
The block trade represents one of the largest bearish bets in recent weeks, suggesting deep pessimism about Bitcoin\u2019s short-term prospects against a backdrop of looming macroeconomic uncertainties.<\/p>\n
According to options trade analysts Greek.live, an investor bought Bitcoin puts expiring on April 25, with a strike price of $60,000. The transaction involved more than 1,000 BTC and has a notional value of almost $100 million. In the analysts\u2019 opinion<\/a>, the motive behind the move could either be extreme risk hedging or highly leveraged speculation.<\/p>\n They warn<\/a> against dismissing the bearish signals, reporting that negative sentiment is dominating trading flows, with increased demand for put options that profit from a drop in Bitcoin\u2019s price. For instance, for the said $100 million bet to be successful, BTC has to lose at least 30% of its current value, which would translate to a drop of about $25,000.<\/p>\n Traders are paying hefty premiums to protect themselves from such downsides, indicating a cautious outlook among their ranks brought about by the uncertainty surrounding BTC\u2019s near-term outlook.<\/p>\n The pessimism is also reflected in price projections over these short periods, with analysts like Micha\u00ebl van de Poppe noting<\/a> a key resistance level between $82,000 and $87,000. \u201cAbove $87K is the real acceleration and likely run towards a new ATH,\u201d he tweeted. \u201cSub $82K is a test of the lows,\u201d he added.<\/p>\n Despite the turbulence, long-term BTC investors are remaining steadfast. According to findings<\/a> by on-chain analytics platform Glassnode, holders who accumulated the number one cryptocurrency between 2020 and 2022 have largely resisted the urge to sell, even when the asset\u2019s price briefly topped $108,000 earlier in the year.<\/p>\n It is a different case with short-term traders. Many of them have been quick to panic, with episodes of capitulation occurring during the last few dips when they sold their holdings at a loss.<\/p>\n Looking at the market, Bitcoin has managed a modest 0.8% gain in the last 24 hours. Trading at $84,635 at the time of writing, the asset oscillated between $82,649 and $85,438, with the current price being a 28.9% improvement across the previous 30 days.<\/p>\n However, BTC is down slightly more than 3% over the past week and is almost 22% below its all-time high price. The first quarter of 2025 was one to forget, with the 12% dip registered in that period marking its worst<\/a> start to a year since 2018.<\/p>\n The post Trader Wagers Almost $100M on Bitcoin Dropping to $60K<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin (BTC) traders are hedging against a potential market drop, with a massive options bet targeting a $60,000 price level for the flagship cryptocurrency. The block trade represents one of the largest bearish bets in recent weeks, suggesting deep pessimism about Bitcoin\u2019s short-term prospects against a backdrop of looming macroeconomic uncertainties. Massive Put Option Signals […]<\/p>\n","protected":false},"author":0,"featured_media":56311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-56310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/56310"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56310"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/56310\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/56311"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Rocky Price Performance<\/h2>\n