ChainThink report, March 12: Coindesk analyst Omkar Godbole stated that Bloomberg has reaffirmed its forecast: Bitcoin could drop to $10,000—a level not seen since mid-2020. Industry observers deem this prediction overly absurd. However, on the largest crypto options platform, Deribit, approximately $800 million in open interest is concentrated in put options at the $20,000 strike price, betting on prices breaking below that level. This represents the fourth most popular bearish bet on the platform, indicating that some traders are preparing for a potential sharp decline. Yet, Deribit clarifies that not all positions constitute direct bets on a market crash.

Sidrah Fariq, Global Retail Sales Lead at Deribit, said: "Most positions resemble selling out-of-the-money puts rather than directional hedging with long exposure. Traders frequently sell deep out-of-the-money puts because the probability of these levels being reached is low."

Meanwhile, Bitcoin has demonstrated remarkable resilience, holding near $70,000 despite a rebound in crude oil prices pushing benchmark oil toward $100 early in the session and rattling traditional markets. Ethereum, XRP, and SOL have also remained strong, while HYPE tokens surged roughly 10% over the past 24 hours. Analysts suggest excessive leverage is being unwound from the Bitcoin market, paving the way for upward price momentum.

Diana Pires, Vice President of Sales at crypto platform sFOX, wrote in an email: "From a market structure perspective, this consolidation could be constructive, as reducing leveraged positions often lays a more stable foundation for the next move, especially once clearer macro catalysts emerge."