Bitcoin options traders are betting that the leading cryptocurrency could surpass $75,000 this month. This optimistic bet comes against a backdrop of growing interest and hope in Bitcoin’s market potential, driven by positive economic data and greater institutional acceptance.
Bitcoin options traders are betting that the leading cryptocurrency could surpass $75,000 this month. This optimistic bet comes against a backdrop of growing interest and hope in Bitcoin’s market potential, driven by positive economic data and greater institutional acceptance.
Bloomberg reports That in recent weeks, data from major options exchanges has shown a huge increase in bullish bets on Bitcoin. Traders are purchasing call options with strike prices of $75,000 or higher, indicating that they believe the price of Bitcoin could surpass this level within a month. This rise in optimistic sentiment demonstrates increased confidence among market players in Bitcoin’s near-term prospects.
Bitcoin call options with a strike price of $75,000 across all expirations have the highest open interest or number of outstanding contracts. This is followed by strike prices of $100,000 and $80,000, according to statistics compiled by Deribit, the largest cryptocurrency options exchange. Call options give buyers the right to purchase the underlying asset at a predetermined price and time.
Tomiwabold OlajideBitcoin hit a high of $71,756 this week and is currently trading at $70,890, down 0.65% after breaking a five-day winning streak. The largest cryptocurrency fell from a record high of $73,798 hit on March 14 as demand for newly approved Bitcoin ETFs cooled.
With the Federal Reserve’s rate cuts expected to spur demand for riskier assets, capital inflows have returned and traders are targeting a new high.
Call options expiring on June 28 had the highest open interest around the strike price of $75,000, while open interest for those expiring on July 26 and December 27 is around $100,000.
