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Bitcoin options data shows sub-$17K BTC price gives bears a $200M payday on Friday

Published 11/10/2022, 04:23 PM
Updated 11/11/2022, 12:40 PM
Bitcoin options data shows sub-$17K BTC price gives bears a $200M payday on Friday
SNAP
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BTC/USD
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NET
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Bitcoin (BTC) crashed below $16,000 on Nov. 9, driving the price to its lowest level in two years. The two-day correction totaled a 27% downtrend and wiped out $352 million worth of leverage long (buy) futures contracts.

To date, Bitcoin price is down 65% for 2022, but it's essential to compare its price action against the world's biggest tech companies. For instance, Meta Platforms (META) is down 70% year-to-date, and Snap Inc . (NYSE:SNAP) has dropped 80%. Furthermore, Cloudflare (NYSE:NET) lost 71% in 2022, followed by Roblox Corporation (RBLX), down 70%.

Bitcoin options aggregate open interest for Nov. 11. Source: CoinGlass

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