Crypto markets are no stranger to sharp drawdowns. As Bitcoin fell roughly 50% from its October 2025 peak to a low of around $60,000 in February, however, one aspect was different from previous cycles. Beyond the usual forced liquidations and directional panic, capital also moved en masse into instruments designed to manage the decline — first through downside protection, then through renewed upside exposure at defined risk as prices stabilised. Those instruments were, of course, options — derivatives that have long been central to professional risk management in traditional finance. Their rapid growth in crypto over ... (full story)