Coinbase(US:COIN) The Economic Times·2026-02-14 04:13Market Sentiment and Price Levels - The largest concentration of bets in Bitcoin's options market involves contracts that pay off if the price falls below $60,000, which is near the critical 200-week moving average at just above $58,000, identified as a crucial support level by technical analysts [1][10] - Bitcoin was trading around $67,000, down approximately 47% from its peak in October, with a significant reversal beginning late last year when over $19 billion in bullish bets were lost [6][16] - Analysts from Standard Chartered predict that Bitcoin could drop to $50,000 before stabilizing, which coincides with the second-highest open interest for put options [7][16] Options Market Dynamics - Open interest in $60,000 put options stands at $1.24 billion, indicating significant market positioning around this price level [9][16] - If Bitcoin approaches or falls below $60,000, traders who sold put options may hedge their exposure by selling Bitcoin or futures, potentially adding further downward pressure [9][16] - A sustained break below the $60,000/$58,000 zone could lead to a deeper pullback towards the high $40,000s, as noted by analysts [11][16] Broader Market Context - The crypto ecosystem's leverage is fragmented and largely offshore, complicating the identification of specific liquidation triggers [10][16] - Market sentiment is predominantly bearish, with many industry participants expressing concerns about potential further declines in Bitcoin's price [8][16] - Coinbase Global Inc. shares saw a rise despite a revenue miss, reflecting investor interest as Bitcoin prices edged higher, although the stock remains down about 50% over the past year [13][16]