Bitdeer Technologies Group (BTDR) saw its stock price plummet by 5.02% during Thursday's intraday trading session, reflecting growing pessimism among investors. The significant drop has caught the attention of market watchers, prompting speculation about the factors driving this bearish trend.

The decline appears to be closely linked to a surge in bearish options activity. According to market data, there was an unusually high volume of put options trading for Bitdeer, with 2,015 puts exchanging hands - a level 1.9 times higher than expected. The most active options were the September 26 weekly 12 puts and the August 22 weekly puts, indicating that traders are positioning themselves for potential further downside in the near term.

This increase in bearish options flow suggests that investors are becoming increasingly cautious about Bitdeer's short-term prospects. While the exact reasons for this pessimism are not explicitly stated, such activity often precedes or coincides with significant stock price movements. Investors and analysts will likely be closely monitoring Bitdeer's upcoming announcements or market developments that could justify this bearish sentiment and the resulting stock price decline.