Institutions Lowered Their Targets with the Bitcoin Decline: They Are Waiting for This Price Instead of 120 Thousand! - Coin Bulletin

After the recent decline in the cryptocurrency market, investors are lowering their targets, with 100,000-dollar positions in Bitcoin (BTC) options surpassing the popularity of 120,000-dollar options.

In recent weeks, the decline of the Bitcoin price below $80,000 has changed the balances in the options market. On Deribit, the world's largest crypto options exchange, investors' preference for Bitcoin options targeting $120,000 has given way to contracts worth $100,000. Following the sharp selling wave in the market, it is observed that investors have revised their targets and become more cautious.

On Deribit, the option contract with the highest open position currently has a size of $1.55 billion with a $100,000 contract price. The $120,000 options that were at the top until last month have slipped to second place with an open position of $1.33 billion. Open positions in the options market show investors' right to buy Bitcoin at a certain price in the future and generally reflect market expectations.

Investors are cautious

Investors' shift towards a lower price level clearly highlights the effects of the downturn in the markets. Especially during the period up to May, there is an increasing interest among investors in put options that provide protection against price declines rather than high-priced call options.

However, the overall outlook in the market remains positive for the period after May. According to the data, the total value of buy options in the market has now exceeded 16 billion dollars. This figure is approximately twice the value of total put options.

Investors' risk perception is changing

This change in the options preferences of Bitcoin investors also reflects a transformation in risk perception. Traders who previously played for aggressive price targets are re-evaluating their risks by moving more in line with market realities. This situation could be a sign of a more cautious optimism about the future price of Bitcoin.