Bitcoin faces record demand for downside protection as options premiums on puts reach $115 million, sparking debate over a potential drop to $55,000
Bitcoin remains unable to reclaim the $61,000 level since Thursday. Although the risk appetite has improved following a 60-day ceasefire agreement between the US and Iran, which pushed oil prices lower, this optimism has yet to translate into a sustained recovery in the cryptocurrency market. Notably, the sharp increase in demand for downside price protection has prompted investors to revisit the possibility of Bitcoin falling to $55,000.