Bitcoin is having a tough year. Traders are betting it's going to get worse

LAS VEGAS, NV - APRIL 27: Michael Saylor speaks at the Bitcoin Conference 2026, a premier event for cryptocurrency and blockchain enthusiasts, held in Las Vegas, Nevada, United States on April 27, 2026. The Bitcoin Conference is a platform for experts, investors and innovators to share knowledge, showcase projects, and network with like-minded individuals. (Photo by Tayfun Coskun/Anadolu via Getty Images) Anadolu | Anadolu | Getty Images Bitcoin futures tumbled Thursday to as low as $58,995, the lowest price since October 2024, bringing its drawdown from last year's high to about 52 percent. The biggest cryptocurrency has been battling with the $60,000 level all year - first in February, where it found support, then again the first two weeks of June, before a pop to over $67,000. Options traders are treating this break like it could be the tip of an iceberg. The iShares Bitcoin Trust ETF (IBIT) traded just shy of 1.1 million options Thursday, almost double the average the past thirty days, according to Cboe LiveVol data. Put volume more than doubled calls. Traders bought 275,000 puts, compared to just under 129,000 calls, according to data from ThinkOrSwim. Of the $187 million premium traded in IBIT, $144 million was in puts, according to SpotGamma. Of the top 20 most-traded contracts by volume, 19 were puts. The most popular contract was the 32.5 strike put expiring Friday, which needs another 4.5% slide in bitcoin to pay off. …