{"id":22077,"date":"2025-03-14T16:10:14","date_gmt":"2025-03-14T14:10:14","guid":{"rendered":"https:\/\/forklog.com\/en\/traders-wager-550m-on-bitcoin-sliding-to-70000\/"},"modified":"2025-03-14T16:10:14","modified_gmt":"2025-03-14T14:10:14","slug":"traders-wager-550m-on-bitcoin-sliding-to-70000","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/traders-wager-550m-on-bitcoin-sliding-to-70000\/","title":{"rendered":"Traders wager $550m on bitcoin sliding to $70,000"},"content":{"rendered":"

Crypto traders expect bitcoin to fall further in March, amassing $550m worth of put options with a $70,000 strike, according to Amberdata, DLNews<\/a> reports.<\/p>\n

Sean Dawson, head of research at the Derive platform, noted rising bearishness in an 11 March report<\/a>. Almost 43% of contracts sold on the platform over 24 hours were puts, reflecting a need to hedge against downside, he said.<\/p>\n

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\u201cThe market is facing significant challenges as the macroeconomic situation deteriorates, and cryptoassets are no exception. [\u2026] The coming weeks are critical for assessing how the broader economic situation affects digital-asset prices and trading behaviour,\u201d Dawson said.<\/p>\n<\/blockquote>\n

Not everyone is pessimistic about bitcoin\u2019s prospects. Data from derivatives exchange Deribit show traders actively building positions in call options with strikes between $100,000 and $120,000.<\/p>\n

\"Bitcoin-Pokazateli-Deribit-Google-Chrome\"
Data: Deribit.<\/figcaption><\/figure>\n

Even so, the put-to-call ratio remains in bears\u2019 favour at 0.52.<\/p>\n

Headwinds<\/h2>\n

Macroeconomic strains linked to the continuation of trade wars launched by US president Donald Trump\u2019s administration and uncertainty over rate cuts by the Fed<\/span> have weighed on markets.<\/p>\n

Bitcoin\u2019s decline was compounded by community disappointment with the US executive order on a crypto reserve<\/a> and a crypto summit at the White House<\/a> attended by Mr Trump. In the first case expectations centred on government purchases of \u201cdigital gold\u201d; in the second, on clearer guidance for digital-asset policy.<\/p>\n

A further drag was the multi-day outflow<\/a> from spot bitcoin ETFs, which some interpreted as a bearish signal.<\/p>\n

Against this backdrop, several experts allowed for a drop in \u201cdigital gold\u201d towards $70,000.<\/p>\n

Bitcoin is often positioned as a haven asset akin to gold. On 14 March the metal\u2019s price hit a record<\/a>, topping $3,000 per troy ounce.<\/p>\n

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One Bitcoin now buys 27.7 ounces of gold. At its peak in 2021, one Bitcoin bought 36.3 ounces of gold. That means that in terms of gold, which is real money, the price of Bitcoin has fallen by 24%. So Bitcoin has been in a stealth bear market for the past three and a half years.<\/p>\n

\u2014 Peter Schiff (@PeterSchiff) March 14, 2025<\/a><\/p><\/blockquote>\n