Sure! The heading translates to English as: "Upswing in the Crypto Market: Optimism after Massive Liquidation

After one of the most severe liquidation events this year, crypto traders are returning to the options market with new, optimistic bets. Despite the losses, traders from offshore exchanges and U.S. over-the-counter desks have focused on bullish call options on Bitcoin at prices of $90,000 or more. This may indicate that they anticipate a strong comeback for the cryptocurrency. On August 4th, approximately $1.1 billion worth of crypto bets were liquidated, according to Coinglass, marking one of the largest sell-offs of the year. During Asian trading hours, Bitcoin plunged by as much as 17%, and Ether lost more than a fifth of its value. By Tuesday, however, both cryptocurrencies had rebounded. Around 50% of open positions in crypto derivatives were liquidated during the crash, reports Yevgeniy Feldman of SwapGlobal. "It was an extreme liquidation; it was terrible," said Feldman. "Yet U.S. hedge funds and institutional investors trading via OTC desks resumed their bullish options bets on Monday and Tuesday by purchasing call spreads on Solana and Bitcoin." A key driver behind this recovery is the increased demand for Bitcoin on Coinbase, Feldman further explained. According to SwapGlobal’s order book data, the total amount of buy commitments significantly exceeds sell orders. "Such imbalances indicate that a substantial number of buyers are waiting for Bitcoin at prices of $49,000 and below," Feldman noted. On Monday, Bitcoin fell to as low as $49,212, its lowest level since February. Short-term hedging against falling prices has significantly increased on offshore exchanges in recent days. The put-to-call ratio on Deribit remains elevated, as more put options than call options were purchased in the last 24 hours. Feldman explains that retail clients using these platforms tend to engage in more options hedging compared to U.S. institutions holding large Bitcoin reserves. "While the curves are skewed towards puts, the skews remain in favor of calls post-U.S. presidential election, even after the abrupt sell-off," said Ravi Doshi, Head of Markets at Prime Broker FalconX. "As with most of the year, traders continue to expect a bullish second half for Bitcoin." As of today, the $90,000 calls for September, the $100,000 calls for December, and the $100,000 calls for March are the largest open options contracts in the market, with a nominal value of nearly $1 billion for these three options alone, reports Doshi. Bitcoin traded about 4.5% higher in New York on Tuesday at approximately $56,850. The optimistic outlook for crypto towards the end of the year is partially driven by the rising chances of a second U.S. presidency for Donald Trump, who has emerged as a pro-crypto advocate.