Bitcoin hasn’t had this cold a winter in seven years.

The biggest crypto token – which trades with a market cap of $1.3 trillion – is down 35% since its relative strength versus the Nasdaq-100 peaked almost a year ago, during which the big-tech index has rallied about an equal amount. The resulting 70-percentage-point GAP is the widest in favor of stocks since March 2019, according to data compiled by CNBC.

If options flows are an indicator, it’s got so-called bitcoin “HODLrs” – “hold on for dear life” devotees – thinking about folding.

For the first time in weeks, options volumes in key crypto equities like the iShares Bitcoin Trust (IBIT) and Michael Saylor’s Strategy…