Asia, 18 November 2025 – Bitcoin plunged below US$91,500 on Monday, wiping out its gains for the year, as traders increasingly positioned for a sharper drop towards US$80,000, according to options-market data.
One key metric: bearish bets in the options market are mounting, suggesting deep-pocketed players are retreating from upside risk and hedging for further downside. Bloomberg reports that the sentiment shift reflects growing concerns about real-yield levels, fading hopes for near-term Fed rate cuts and a broader risk-off pivot in crypto.
Why This Matters
- The sharp move in Bitcoin underlines how digital-assets now closely follow macro-drivers such as interest-rates and liquidity, going beyond the old narrative of retail-driven speculative momentum.
- A potential fall to US$80,000 would represent a large downside buffer, raising liquidity and counterparty-risks especially for Asia-Pacific investors and regional crypto platforms.
- With losses mounting and bullish flows thinning, the reversal in sentiment may herald a deeper or more protracted crypto bear phase, particularly as global regulation, institutional flows and macro uncertainty converge.
What to Watch Next
Key signals for the crypto market:
- Options skew and open interest in Bitcoin: Are put positions increasing relative to calls? That will indicate depth of conviction in downside.
- Real yields and dollar strength: If U.S. real interest rates rise or the dollar strengthens, safe-haven demand for Bitcoin may weaken further.
- Major liquidations or margin-calls: As Bitcoin nears US$80,000, risk of forced selling or cascading unwind in leveraged positions grows.
- Regional investor flows: Asia-based crypto hubs (Singapore, Hong Kong, Malaysia) should watch institutional or retail exposures, both in derivatives and spot holdings, for stress indicators.
