Derive options traders price 31% odds of Bitcoin falling below $70,000 by Christmas

Bearish bets on the Derive options platform have roughly doubled in a week as Bitcoin extends its losing streak to five straight weeks Options traders on Derive now see a better chance of Bitcoin landing under $70,000 by Christmas than finishing above $80,000. A week ago, the market leaned the other way. Bitcoin was changing hands around $73,500 on Wednesday after five consecutive weekly losses. According to Derive founder and CEO Nick Forster, the platform’s options market now assigns a 31% probability to Bitcoin closing below $70,000 by Christmas. Last week, that figure stood at 15%. The bullish case moved in the opposite direction. The odds of an $80,000-plus finish fell from 53% to 26% over the same stretch. The more ambitious targets took a beating too.

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