Bitcoin traders braced for more pain, betting on free fall to US$80k

Bitcoin is in free fall — and traders are positioning for more pain.

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The world’s largest cryptocurrency plunged below US$90,000 on Nov 18, deepening a month-long slide that has erased its gains for 2025. Bitcoin fell as much as 2.4 per cent during Asia trading hours, extending its decline from a record of more than US$126,000 set in early October.

In the options market, traders are making increasingly bearish wagers, on the conviction that the slide is far from over as deep-pocketed buyers beat a retreat.

The shift in sentiment has been swift and sharp. Demand for downside protection — particularly at the US$90,000, US$85,000 and US$80,000 levels - has surged. Protective options expiring later in November are seeing especially heavy activity, according to data from Coinbase-owned Deribit.

After riding Bitcoin to the highs just weeks ago, traders have snapped up more than US$740 million worth of contracts betting on continued declines expiring in late November - far outpacing interest in bullish positions.