Bitcoin Rallies Above $70K as Options Market Bets on Further Declines

Bitcoin jumped back above $70,000—up nearly 11% and on track for its biggest one‑day gain since March 2023—as risk assets steadied after a rout; the move came amid a surge in demand for downside protection in the options market, with February 27 expiry concentrated around $60k–$50k strikes via Derive.xyz. Ether also rose, while the broader crypto market remains well off its October peak, illustrating a fragile bounce tied to tech and metals rallies and ongoing risk-management concerns.