$2.52B in bearish Bitcoin options signal pro traders are hedging their bets
The open interest on bearish put options has risen to $2.52 billion as traders look for protection against a BTC price drop to the $40,000 to $50,000 range. Bitcoin (BTC) has been trying to break the $60,000 resistance for the past 23 days. Generally, investors don’t seem too worried about this as they consider it a healthy consolidation period, and even recent analysis from JPMorgan Chase estimates that BTC price will reach $130,000. Even as most investors expect Bitcoin price to rise above $100,000, derivatives data shows $2.52 billion worth of ultra-bearish options from the $40,000 to $50,000 range? At…