The free fall in Bitcoin prices has left traders in extreme fear, betting it could drop to $80,000.

Bitcoin is in free fall, and traders are preparing for larger losses. The world's largest cryptocurrency Bitcoin fell below $91,500 on Monday, intensifying the decline and wiping out all gains made so far this year. In the options market, traders are increasingly taking short positions, believing that the downturn is far from over as wealthy buyers withdraw their funds. The shift in market sentiment is sudden and fierce. The demand for downside protection, particularly at price levels of $90,000, $85,000, and $80,000, is increasing. According to data from Deribit, a platform under Coinbase, protective option trades expiring later this month are particularly active. Just a few weeks ago, Bitcoin prices reached record highs. Now, traders have purchased over $740 million worth of contracts expiring at the end of November, betting on a decline in Bitcoin prices - far exceeding interest in long positions. A sentiment index compiled by data analytics platform CoinMarketCap shows that cryptocurrency participants are in a state of "extreme fear."