BlockBeats News, October 7th, Bitcoin hit a new all-time high, and options traders have increased their bets, expecting it to rise to $140,000. According to data from Deribit, the cryptocurrency derivatives trading platform owned by Coinbase, open interest in short-term Bitcoin options contracts expiring at the end of the year is concentrated around this strike price for call options. Demand for put options has also seen a modest increase as traders seek downside protection after the uptrend.
Greg Magadini, Head of Derivatives at Amberdata, stated, “Currently, the nominal open interest of Bitcoin futures and perpetual contracts has reached a record high, despite a wave of buy-to-close liquidations. The market’s rally has caught many by surprise, and we have not yet seen the top, especially considering many traders were previously shorting the market.” (FXStreet)
