Bitcoin Options Traders Double Odds of Sub-$70,000 Price by Christmas to 31%

Options traders on derivatives platform Derive are pricing in a 31% probability that Bitcoin will fall below $70,000 by Christmas, up from 15% a week prior. Bitcoin spot prices hovered near $73,500 after five consecutive weekly losses. Put options climbed to 55% of total premiums traded on Derive, up from 36%, as trading volume jumped 37% to $418 million. Meanwhile, the odds of Bitcoin ending above $80,000 fell from 53% to 26%. Weakness was compounded by institutional outflows, with U.S. spot Bitcoin ETFs recording $1.28 billion in weekly redemptions plus an additional $296 million.