The price is the price. This is by far the biggest and fastest one sided move in history. Anyone who studies understands what could happen.
I'm not a crypto bear. I have no opinion. My fears are systemic. Crypto has no natural sellers and no participants using the market for any purpose other than speculation. The danger in that is manifold and nearly unrecognized or unspecified by almost all commentators.
Next, Futures have no natural sellers or hedgers. By their nature shorting a future creates an unbound possibly unmitigated liability. That is to say all of your current and future personal assets are at risk and are as so under the mighty weight of professional leverage.
Options are different in that they have natural sellers and they are spreadable and convertible into an opposite synthetic position. Why in the world options were not introduced first or at least alongside of futures is a vexing and serious question.
So consider the participants, the products, and the idea that crypto currency cant be tangibly guaranteed for delivery like stock or a rail car of wheat or a national currency....add that the market is up thousands of percent and can now be levered up and shorted by or against Joe Sixpack.
What could possibly go wrong?
Bucket shops offering services to lowest common denominator participants will sail past zero faster than lightning and they will take clearing firms with them....along with the non-crypto and non futures designated deposits of scores of innocent people. The market risk is very high, unmeasurable really. The counter-party risk higher than any other time or product in history.
I will say thought that if I could convert a short crypto position into a long put buy buying a call I would do that trade till my nuts fell off. Not because I have a belief about direction but because that is where the trade is.