比特币短暂跌破 80,000 美元，但期权交易员押注跌势不会持续

Bitcoin’s brief drop below $80,000 during the last 24 hours has exposed a more fragile market after weeks of gains, but options traders are not yet treating the pullback as the start of a deeper breakdown. According to CryptoSlate data, the retreat erased part of a rally that had carried Bitcoin about 37% higher since early April, when traders began rebuilding exposure after a bruising first quarter. BTC has recovered to $ 80,360 as of press time. Yet, a deep dive into options pricing, volatility metrics, and on-chain behavior reveals a market that is consolidating rather than capitulating. Unlike the brutal drawdowns of the past, which were often catalyzed by macroeconomic headwinds , this week’s decline appears to be a mechanical byproduct of the cryptocurrency’s internal market structure. With traditional equities like the S&P 500 and the Nasdaq Composite lingering near record highs, Bitcoin’s localized weakness points to a combination of exhaustion, profit-taking, and the unwinding of over-leveraged long positions. How Bitcoin’s market structure drove the break below $80,000 Bitcoin’s brief fall below $80,000 was driven less by a shift in macro sentiment than by pressure inside the crypto market itself. The first source of stress came from profit-taking. After rallying about 37% from its April lows, Bitcoin pushed a large group of recent buyers back into profit, giving traders who had spent months underwater a reason to reduce exposure. CryptoQuant data show investors realized profits on 14,600 Bitcoin on May 4, the largest one-day profit-taking event since December 2025. The Short-Term Holder Spent Output Profit Ratio, which tracks whether recent buyers are selling coins at a profit or loss , rose to 1.016 and has remained above 1 since mid-April. Bitcoin Realized Profit (Source: CryptoQuant) That shift is significant because it shows that newer holders are no longer selling due to distress. Instead, they were selling into the market strength. The behavior refl