Bitcoin is the most coveted digital asset of the cryptocurrency market. Many investors believe that the cryptocurrency is a good hedge against inflation and sees it as a long-term investment plan. However, the digital asset continues to put investors’ earnings at risk, as its rapid price volatility continues to be heavily criticized by outsiders.
The digital asset was able to hit a new ATH last week, crossing the $65K mark for the first time. Unfortunately, it crashed a few days after, hitting several lows, and is now entering a market correction phase. However, it appears that Bitcoin bears are not concerned by this crash in prices, as they will still earn over $300 million when their contract expires next tomorrow.
More than 27,000 Bitcoin Options will expire on Friday
Many Bitcoin investors continue to worry about the dwindling price of the digital asset, as it is now a significant concern to everyone involved with the cryptocurrency. Fortunately, the digital asset price has now entered a correction phase, and it has crossed the $50,000 mark again, moving away from the disappointing $48K mark it hit last week.
Fortunately, Bitcoin bears who have now adjusted their exposure to the market are now set to cash in on $340 million when their contract expires on Friday. However, before the crash in prices of Bitcoin last week, Bitcoin bears have accumulated more than 70% gains in the last three months, despite the digital asset hitting highs and lows.
However, at this crucial time, investors are taking a more protective approach to the market by reducing their market risk involvement. At the time of writing, more than 27,320 Bitcoin, valued at $1.55 billion, will expire on Friday. Fortunately, Bitcoin bears who have bet against the $56,500 mark still have an advantage, despite the unfortunate fall in the asset’s price.
What next for Bitcoin?
Many analysts expect the digital asset o enter a market correction phase, and it has done that since Monday, having gained more than 10%. However, investors have continued to buy at the dip, as crypto exchanges have reported high trading volumes in the last few days. The expectations around the Bitcoin community are that the digital asset will continue to rise in fortunes and likely hit another milestone in the next two weeks.
The last crash in prices of the digital asset in February, which saw the cryptocurrency lose a whopping $10,000 on a single day, coincided with the same time institutional investors like Jack Dorsey’s Square and Micheal Saylor’s Microstrategy boosted their Bitcoin investment, committing huge funds to the cryptocurrency.
Alternatively, many analysts are expectant that the same trend will occur this time around, as institutional investors are believed to be the significant players buying at the dip. However, there is still optimism around the Bitcoin camp, as many investors are not worried about the current situation of the cryptocurrency, believing it is just a phase that will pass.