Odaily reports that Bitcoin is further plummeting, having fallen 25% from its record high set less than six weeks ago as of Friday. This decline is prompting traders to hedge against Bitcoin falling to $70,000. Deribit data shows that the open interest in $70,000 Bitcoin put options ranks second highest among all contracts expiring on February 28. A total of $4.9 billion in open interest will expire on Friday, and the lack of clear bullish signals is causing investors to remain cautious and withdraw from cryptocurrencies in a risk-averse environment. Ravi Doshi, co-head of market making at cryptocurrency market maker FalconX, said: "The crypto market is still searching for new catalysts to reverse the bearish sentiment."