Bitcoin Options Traders Bet Bitcoin Will Hit $65,000
Recent data from the Deribit crypto derivatives platform shows an increase in open positions in call options with a maturity between April and June, and strikes of $65,000, $70,000 and $75,000.
CoinDesk reports on this trend, citing information from the platform. Kelly Greer, head of sales for the Americas at Galaxy, explained in an interview that the interest in these out-of-the-money contracts reflects a heightened bullish sentiment.
She noted that a similar situation occurred before the rally in the fourth quarter of 2020. Market participants are taking into account the possibility of overbought conditions in technical analysis, as well as the potential impact of the bankrupt Genesis platform selling $1.6 billion worth of Bitcoin, Ethereum, and Ethereum Classic.
On the night of February 13, the price of Bitcoin reached over $50,000, its highest value since the end of 2020. In less than three weeks, the cryptocurrency saw a growth of over 30% following the approval of spot Bitcoin ETFs.
The return to an upward trend comes as selling pressure on Grayscale’s GBTC lessens.
