Bitcoin (BTC) options interest surges as volatility on the crypto market rapidly increase. Due to this fact, more traders have been betting on $100,000 Bitcoin calls, but it does not imply that they believe the digital currency will reach the price mark.
Spike in Open Interest
Options expiring on Dec. 31 have faced a strong spike in open interest after Bitcoin swiftly dropped to $59,000. The options open interest is mostly distributed to call options rather than puts.
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Call options are an alternative way of betting on the specified price of the asset. According to the provided data, traders are mostly betting on-call (buy) options with large dominance.
Glassnode tweeted, “Bitcoin Options markets currently have over $12.6Billion in open interest, near all-time-highs. This level of Option OI has been sustained for around 1 month, and is similar to the highs during March and April.”
#Bitcoin Options markets currently have over $12.6Billion in open interest, near all-time-highs.
This level of Option OI has been sustained for around 1 month, and is similar to the highs during March and April.
Live Chart: https://t.co/AT7eSOPcfC pic.twitter.com/or81taNrIQ
— glassnode (@glassnode) November 17, 2021
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Current open interest for $100,000 calls stays at $500 million, in addition to $200,000 calls having $380 million of open interest. In total, traders bet more than $1.3 billion on Bitcoin, moving through $100,000 by the end of the year.
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