Analysis: Bitcoin options show panic Traders doubt Bitcoin can hold the $68,000 mark

Demand for a premium on Bitcoin put options (put options) on the Deribit platform on Friday was almost 2.5 times higher than the equivalent call options (call options), indicating increased demand for neutral to put strategies. Part of the pessimism can be attributed to soaring energy prices. Since March 12, WTI crude oil prices have remained above US$94, up 50% from the previous month. Disruptions in oil and gas production and logistics in the Middle East have had a negative impact on economic growth expectations and limited the Fed's ability to cut interest rates sharply due to inflationary pressures. A net outflow of $254 million in two days is unlikely to signal a bearish turn among institutional investors, but traders are not confident that Bitcoin can hold the $68,000 mark. Traders 'sentiment was mainly driven by uncertainty caused by deteriorating macroeconomic conditions and ongoing war, which led to increased demand for downside protection for derivatives.