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Bitcoin Options Market Peaks as Investors Bet on $200,000 Bitcoin Price by End of 2024

8 March 2024
in Latest News, News
Reading Time: 3 mins read
107 6
Home News Latest News

Bitcoin call options have experienced a surge in activity, reminiscent of the heightened interest observed during the 2021 bull run.

According to data from Deribit, over $20 million has been invested in Bitcoin call options with a $200,000 strike price on the crypto options exchange. 

Call options are financial contracts that grant traders and investors the right to buy the underlying asset at a predetermined price on a specified date.

The $200,000 strike price, which is nearly three times the value of Bitcoin’s present trading price, expires on December 31, 2024. The selection of such a high strike price suggests a bullish outlook, with investors anticipating Bitcoin to reach this level by the end of the year, aligning with positive sentiments around Bitcoin’s upcoming halving event.

Bitcoin Options Market Peaks as Investors Bet on $200,000 Bitcoin Price by End of 2024

The prevailing sentiment is that Bitcoin’s upcoming halving event will trigger a significant price surge, potentially reaching six figures. Many crypto analysts share this optimism, expecting Bitcoin to attain new all-time highs after the halving.

Currently, Bitcoin’s supply-demand balance, now standing at 1:10, has expanded thanks to the recent introduction of spot Bitcoin exchange-traded funds (ETFs) in the U.S. financial market. 

Bitcoin reached a new all-time high of $69,170.63 on March 5, subsequently experiencing a modest dip and currently trading around $67,000. This price movement corresponds to a notable 59.7% growth on Bitcoin’s year-to-date chart. Deribit reports that the overall open interest in Bitcoin options has surged to a record $20.4 billion, surpassing the previous peak of approximately $14.36 billion in October 2021.

Meanwhile, Ethereum’s ether (ETH) option open interest has also reached an all-time high of $11.66 billion, indicating a broader trend of increased activity in the options market for major cryptocurrencies.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Precious James is a seasoned forex and crypto trader who loves sharing insights through engaging and accessible content. When not analyzing markets, Precious enjoys quality time with their beloved dogs. This blend of expertise and personal passion adds a unique, relatable touch to Defi Planet's content.

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