Bitcoin Investors Buy ‘Bearish Bets’ on BTC Down Till $52,000
Bitcoin is trading at a low of $62,000 and remains under the bearish claws of the broader cryptocurrency market. Fears are rife that BTC could plunge further as the global macroeconomic factors do not favor a price surge. The bearishness has been in the making for over a year, and the chart below shows how rapidly BTC has been declining, offering little to no relief for investors.On the heels of the ongoing downturn, Bitcoin traders have started taking short positions on the cryptocurrency. The near-dated put options have seen an increase this month, with expirations spanning from June 22 to July 31. According to the latest data procured by Laevitas from the Deribit crypto exchange, short contracts and put options on BTC have seen a gradual increase.The short bets on Bitcoin are below:June 22 – $61,500 puts (337 contracts)July 3 – $60,000 puts (116 contracts) and $55,000 puts (380 contracts)July 10 – $55,000 puts (540 contracts)July 31 – $52,000 puts (314 contracts)Also Read: Bitcoin Still In 4-Year Cycle, Says Scaramucci: 2029 Next Peak?Bitcoin Downturn Sparks Institutional WorriesSource: PexelsThe strike rate has been moving lower every week since June 22. The rise in short selling indicates that the crypto community’s confidence in Bitcoin is eroding. The development highlights that BTC could face further turbulence, and even the current level of $62,000 will feel like a high. This also comes after Michael Saylor’s position in BTC is facing a heavy drubbing due to the downturn.Strategy Inc Class A stock has shed more than 30% this year, as the majority of its investments are in Bitcoin. It is now close to its 52-week low, with investors mostly staying away from MSTR. Gold proponent Peter Schiff has long been warning that Strategy is in a bubble that could soon pop. If BTC does fall to the $52,000 range, Michael Saylor’s firm will be in real trouble.
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