Bitcoin drops to $58,995, down 52% from high, as options traders brace for further declines
By
Oliver Renick
3h ago· 3 min readenNews
Summary
Bitcoin futures dropped to $58,995, the lowest since October 2024, with a 52% drawdown from last year's high. The cryptocurrency has struggled around the $60,000 level throughout the year. Options traders are reacting strongly, with the iShares Bitcoin Trust ETF seeing nearly double its average options volume, suggesting bearish sentiment and expectations of further downside.
Source
bskyBitcoin drops to $58,995, down 52% from high, as options traders brace for further declinescnbc.comKey quotes
· 3 pulledBitcoin futures tumbled Thursday to as low as $58,995, the lowest price since October 2024, bringing its drawdown from last year's high to about 52 percent.
Options traders are treating this break like it could be the tip of an iceberg.
The iShares Bitcoin Trust ETF (IBIT) traded just shy of 1.1 million options Thursday, almost double the average the past thirty days, according to Cboe LiveVol data.
Options traders are treating this break like it could be the tip of an iceberg.
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