Bets against Bitcoin (CRYPTO: $BTC) are piling up on Wall Street as the cryptocurrency's price sinks near a two-year low.
Options traded on the iShares Bitcoin Trust ETF (NASDAQ: $IBIT), the largest BTC exchange-traded fund, totaled 1.1 million contracts on June 25, double the average of the past 30 days.
Put options more than doubled call options as traders on Wall Street continue to bet that Bitcoin's price has further to fall.
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Put options are bets that an asset's price will decline over a set period of time, while call options are bets that the price will increase.
The rise in bets against Bitcoin come as the largest cryptocurrency by market capitalization again sees its price fall below $60,000 U.S.
On June 24, Bitcoin's price dropped to 59,548.19 U.S., its lowest level since Oct. 10, 2024.
BTC's price is currently at $61,300 U.S. But traders are expecting more decline in coming weeks as the digital asset struggles to stay above support at $60,000 U.S.
The most popular options contract is a bet that the IBIT ETF will fall another 4.5% by this Friday (June 26).
Traders are also betting that the leading Bitcoin ETF will decline another 10% by July 31.
Wall Street sees more struggles ahead for Bitcoin as technology stocks weaken and with the crypto legislation known as the "CLARITY Act" unlikely to pass into law before Congress' summer recess.
Bitcoin hit an all-time high of just over $126,000 U.S. last October.