Bitcoin (BTC) crashed below $16,000 on Nov. 9, driving the price to its lowest level in two years.
The number of options contracts available on Nov. 11 for call (bull) and put (bear) instruments varies, depending on the expiry price.
The net result favors the put (bear) instruments by $140 million.
Between $19,000 and $20,000: 3,600 calls vs. 5,900 puts.
For example, a trader could have sold a call option, effectively gaining negative exposure to Bitcoin above a specific price but, unfortunately, there's no easy way to estimate this effect.
Related: Grayscale Bitcoin Trust records a 41% discount amid FTX meltdown Bulls probably have less margin to support the price Bitcoin bulls need to push the price above $19,000 on Nov. 11 to avoid a potential $140 million loss.

Source - Coin Telegraph

#bitcoin #crypto #cryptocurrency #btc