Crypto traders have quickly resumed placing optimistic bets on Bitcoin in the options market despite the recent market crash, which resulted in billions of dollars in liquidations, Bloomberg News reported, citing market experts.
Bitcoin fell to a low of $48,818 on Aug. 5, its lowest since February, amid mounting fears of a recession and potential war in the Middle East. However, despite the steep decline, institutional investors began buying in as the price fell.
According to the report, traders have been buying call options on both offshore exchanges and US over-the-counter desks, granting the right to purchase Bitcoin at $90,000 or higher later this year.
On Aug. 4, approximately $1.1 billion in crypto positions were liquidated, marking one of the largest selloffs this year, according to Coinglass. Bitcoin fell by as much as 17%, while Ethereum saw losses exceeding 20% during Asian trading hours.
However, both cryptocurrencies started to recover by Aug. 6 as investors bought back int
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