Options Open Interest Says Bitcoin (BTC) Bulls Are Betting on $100,000-$200,000

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.

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.”

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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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.