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Bitcoin fell below $95,000 for the first time in about six months as a bout of risk aversion sweeping across markets saw investors pull nearly $900 million from funds investing in the token.

The largest digital-asset is on the verge of wiping out its gains for the year, dropping as much as 4.7% to $94,147. Bitcoin traded at a record high of $126,251 in early October. It ended 2024 at $93,714.

Demand for downside protection has been surging over the last 24 hours in the options market. Open interest around puts at strikes of $85,000 and $90,000 has surpassed bullish bets on the levels of $120,000 and $140,000 as the most popular contracts, according to data by crypto exchange Deribit by Coinbase. Ca

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