Options traders are firm in their belief that Bitcoin will achieve a new record high by a certain date, as per the latest data from exchanges. The optimism is fueled by expectations of reduced US interest rates and increased investments in ETFs.
Currently, Bitcoin call options with a strike price of $75,000 have the largest open position across all maturities, followed by $100,000 and $80,000. This data comes from Deribit, the leading cryptocurrency options exchange. Call options grant buyers the right to buy the underlying asset at a predetermined price within a specific timeframe.
Deribit CEO, Luuk Strijers, stated that investors are optimistic about reaching new highs in the BTC options market. This sentiment is driven by strong BTC ETF flows, anticipated US interest rate cuts, the European Central Bank’s rate reductions, and the approval of an ETH ETF.
Despite Bitcoin’s recent dip from its peak of $73,798 on March 14, the cryptocurrency reached $71,756 this week and remained relatively stable on Thursday. The cooling demand for recently approved Bitcoin ETFs was offset by expectations of a Federal Reserve rate cut, leading to renewed interest in riskier assets and the pursuit of a new high.
Call options expiring on June 28 show a significant open position around the $75,000 strike price, while those expiring on July 26 and December 27 see the highest open positions around $100,000. According to Strijers, this indicates a positive outlook in both the short and long term, with investors confident in a substantial increase in Bitcoin’s price in the coming months.
*Disclaimer: This is not investment advice.
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