Gate News reports that on March 12, Coindesk analyst Omkar Godbole stated that Bloomberg reaffirmed its prediction that Bitcoin could drop to $10,000, a level not seen since mid-2020. However, industry observers consider this forecast to be overly absurd. On the largest crypto options trading platform Deribit, approximately $800 million in open positions are concentrated in $20,000 put options, betting that the price will fall below that level. This is the platform’s fourth most popular put option, indicating that some traders are preparing for a potential sharp decline.
Sidrah Fariq, Head of Global Retail Sales at Deribit, said most of these positions are more like selling put options rather than directional long hedges. Traders often sell out-of-the-money puts because the probability of hitting those levels is very low.
Meanwhile, Bitcoin has shown remarkable resilience, maintaining around $70,000 despite crude oil prices rebounding and pushing benchmark oil prices toward $100 early in the session, shaking traditional markets. Ethereum, XRP, and SOL are also holding strong, while HYPE tokens have risen about 10% in 24 hours.
Diana Pires, Vice President of Sales at crypto platform sFOX, said from a market structure perspective, this consolidation could be constructive, as reducing leveraged positions often lays a more stable foundation for the next move once clearer macro catalysts emerge.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
El Salvador Adds 8 BTC Over Past Week, Total Holdings Reach 7,633.37 Bitcoin
Gate News message, April 26 — El Salvador added 8 Bitcoin over the past 7 days, bringing its total holdings to 7,633.37 BTC worth approximately $624 million.
Over the past 30 days, the country has accumulated 31 Bitcoin, continuing its strategy of building its national Bitcoin
GateNews52m ago
Bitcoin Perpetual Contracts: Large Holders Earn Fees While Retail Traders Pay, Says Chief Economist
Gate News message, April 26 — Fu Peng, newly appointed chief economist at Xinhuojituan, explained the underlying business model of Bitcoin perpetual contracts on social media, comparing it to traditional finance's "deferred fees" or "overnight fees" used in precious metals and commodity spot
GateNews1h ago
Whale Liquidates 1,351 ETH and Opens $50.6M Bitcoin Short on Hyperliquid
Gate News message, April 26 — A whale address beginning with 0x310 opened a 16x leveraged Bitcoin short position on Hyperliquid over the past 30 minutes, with a notional value of $50.6 million across 653 BTC at an average price of $77,470. The liquidation price stands at $81,308, making it the
GateNews2h ago
Quantitative Trader Killa Predicts Bitcoin Bear Market Bottom at $40,740 or $42,680
Gate News message, April 26 — Quantitative trader Killa shared his prediction for Bitcoin's bear market bottom on April 25, estimating the floor at $38,800. Accounting for approximately 5% variance, he projects the bottom could be either $40,740 or $42,680.
Killa previously used a model combining c
GateNews2h ago
Bitcoin Liquidation Cascades: $619M in Short Liquidations if BTC Breaks $80K
Gate News message, April 26 — According to Coinglass data, if Bitcoin breaks $80,000, major centralized exchanges will face cumulative short liquidation intensity of $619 million. Conversely, if BTC falls below $76,000, cumulative long liquidation intensity across major CEXs will reach $645 million.
GateNews5h ago
Bitcoin's 'Winter Is Over,' Says Michael Saylor as Institutional and National Adoption Drive Next Rally
Gate News message, April 26 — Michael Saylor, co-founder of MicroStrategy, declared "winter's over" as Bitcoin traded around $78,000. Analyst Mati Greenspan characterized recent price movements as a correction within a broader bull market rather than a new bear phase, noting that Bitcoin's bottom ha
GateNews7h ago
