Fear Engulfs Bitcoin Traders Betting on Free Fall to $80,000

In the options market, traders are making increasingly bearish wagers, on the conviction that the slide is far from over as deep-pocketed buyers beat a retreat. After riding Bitcoin to the highs just weeks ago, traders have snapped up more than $740 million worth of contracts betting on continued declines expiring in late November — far outpacing interest in bullish positions. While Michael Saylor’s Strategy Inc. just bought another $835 million worth of Bitcoin, some of his corporate peers are facing growing pressure to sell assets to protect their balance sheets.