Bearish Bets on Bitcoin Surge Ahead of August

Bitcoin's price is facing a potential decline in August as bearish bets on put options surge. According to data, $60,000 put options have led at $1.17 billion open interest, which contrasts with earlier bullish bets on call options that lost popularity after the Federal Reserve meeting.

This shift towards bearish signals comes during a period where history suggests negative returns for August following a positive July. Historically, August has seen an average decline of 13.6% in US midterm election years.