On Sunday, August 4th, approximately $1.1 billion worth of cryptocurrency bets were liquidated, marking one of the largest sell-offs this year. Data shows that during the crash, about 50% of open positions in cryptocurrency derivatives were liquidated. Bitcoin plummeted by as much as 17%, while Ether lost over one-fifth of its value at one point.However, by Tuesday, both had rebounded.Following the weekend &#34;great liquidation,&#34; cryptocurrency traders on offshore exchanges and U.S. over-the-counter trading desks almost immediately re-entered the options market with optimistic bets.Yevgeniy Feldman of SwapGlobal stated:<blockquote>&#34;Long positions were extremely liquidated, which was very scary, but on Monday and Tuesday, U.S. hedge funds and institutional participants trading options through over-the-counter trading desks began to make bullish bets by purchasing call spread options on Solana and Bitcoin.&#34;</blockquote>Why did cryptocurrencies rebound? Feldman mentioned that one of the key drivers was the surge in demand for Bitcoin on Coinbase Global Inc. According to order book data compiled by SwapGlobal, the total commitment to buying Bitcoin far exceeded the selling amount, with many buyers waiting to bottom fish at $49,000 and below.Additionally, the probability of Donald Trump returning as U.S. President has increased, bringing bullish prospects for cryptocurrencies to the market as he is a supporter of cryptocurrencies.As of today, the largest open contracts on the listed market are the September $90,000 call options, December $100,000 call options, and March $100,000 call options, with a total notional value close to $1 billion. On Tuesday in New York time, the price of Bitcoin rose by about 4.5% to $56,850.Ravi Doshi, Market Director at FalconX, commented:<blockquote>&#34;For most of this year, traders have continued to anticipate a bullish trend for Bitcoin in the second half of the year.&#34;</blockquote><img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/b9e720dc-297a-42ff-a2a7-9632bab431fb.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/b9e720dc-297a-42ff-a2a7-9632bab431fb.png"/>

As of today, the $90,000 call option in September, the $100,000 call option in December, and the $100,000 call option in March are the largest open interest contracts on the listed market, with a total notional value close to $1 billion

- Around $1.1 billion in cryptocurrency bets were liquidated on Sunday, marking one of the largest sell-offs this year, with approximately 50% of cryptocurrency derivatives' open positions being cleared during the crash. Bitcoin plummeted by up to 17%, while Ether briefly lost over one-fifth of its value.
- Following the weekend's "great liquidation," traders swiftly re-entered the options market with optimism on offshore exchanges and U.S. OTC desks. Institutions and hedge funds began bullish bets by purchasing call spread options on Solana and Bitcoin post the extreme clearing of long positions.
- One of the key drivers behind the crypto rebound, according to Yevgeniy Feldman of SwapGlobal, is the soaring demand for Bitcoin on Coinbase Global Inc. Additionally, the increasing probability of Trump returning as U.S. President has boosted the bullish outlook for cryptocurrencies, with notable open contracts on the market reaching nearly $1 billion.

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After "Black Monday" | The cryptocurrency market is fierce, bullish options bottoming out Bitcoin