Options traders are anticipating a new all-time high for Bitcoin by a specific date, as indicated by fresh data from exchanges. The surge in optimism is driven by expectations of decreased US interest rates and a rise in ETF inflows.
At present, Bitcoin call options with a strike price of $75,000 have the highest open position across all expiration dates, followed by strike prices of $100,000 and $80,000. Deribit, the leading cryptocurrency options exchange, compiled this data. Call options grant buyers the right to buy the underlying asset at a predetermined price within a specified timeframe.
Deribit CEO, Luuk Strijers, noted that investors are upbeat and eager for new highs in the market. This positive sentiment is attributed to robust BTC ETF flows, anticipated US interest rate cuts, the European Central Bank’s interest rate adjustments, and the endorsement of an ETH ETF.
Despite Bitcoin’s recent pullback from its peak of $73,798 on March 14, it reached $71,756 this week and remained relatively stable on Thursday after a five-day winning streak. The decline was partly due to cooling demand for newly approved Bitcoin ETFs. However, renewed interest in riskier assets, fueled by expectations of a Fed rate cut, prompted traders to set their sights on a fresh high.
The largest open position for call options set to expire on June 28 is around the $75,000 strike price, while those expiring on July 26 and December 27 have the highest open positions around $100,000. Strijers observed that this data paints a positive picture for both the short and long term, indicating investor confidence in a significant Bitcoin price increase in the near future.
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