On the 25th, Bitcoin plummeted to $58,995, about 52% below its high from last year. As the largest cryptocurrency, Bitcoin has been struggling with the $60k mark throughout the year. In February, Bitcoin found support near $60k, then briefly rose to $67,000, followed by several months of weakness, and fell again in the first two weeks of June, breaking below the $60k threshold. Some options traders dubbed this sell-off as the "tip of the iceberg." According to Cboe LiveVol data, the iShares Bitcoin Trust ETF (IBIT) traded nearly 1.1 million options on Thursday (June 25), nearly double the average of the past 30 days. Among them, put options were almost more than double the call options. ThinkOrSwim data also showed that traders purchased 275k put options through the platform, while the number of call options was less than 129k.