Traders in options are betting on Bitcoin to rise above $65,000.
Options traders on the Deribit exchange are anticipating Bitcoin to surpass $65,000.
Active accumulation of options for purchasing Bitcoin at higher strike prices indicates bullish sentiment among market participants.
Information from the leading cryptocurrency options exchange Deribit suggests that traders are buying call options with strike prices close to the historical peak of the leading cryptocurrency at $69,000, CoinDesk reports.
According to the publication, the current inflow of funds into the options market resembles the bullish trend of 2020–2021, when large players accumulated Bitcoin call options and bet on its price surpassing $80,000.
Kelly Grir, head of sales for America at Galaxy, stated in an interview with CoinDesk that the highest volume of Bitcoin call options on the Deribit exchange with expiration dates in April-July is concentrated at prices of $50,000, $60,000, and $75,000.
In traditional trading, open interest (OI) refers to the total number of outstanding buy orders at the time the market opens. In futures and options trading, open interest represents the total number of unfulfilled contracts at a specific point in time.
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