Bitcoin’s (BTC) 2021 performance has been impressive, but traders waiting for a record-breaking monthly candle are likely to be disappointed this week.
After peaking at $64,900 on April 14, a jaw-breaking 27% correction followed, causing BTC price to drop to the $46,000 level.
This downside move obliterated more than $9 billion long BTC futures contracts in a swift action that was previously unthinkable to most investors.
Even though the Bitcoin price recovered $5,800 over the past 48-hours, in the options markets, the bulls were not able to take the bears by surprise as both sides are virtually balanced for April 30 expiry.
Bitcoin (BTC) USD price at Coinbase. Source: TradingView
The total Bitcoin futures open interest just three months earlier was $11 billion, although this record-high took place on April 13 at $27.7 billion. Nevertheless, this shows how meaningful the recent price correction impact was.
Meanwhile, options markets operate on a different basis as the contract buyer pays the premium upfront. Therefore, there