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Bitcoin options trader BTC price bet could touch $ 36k by December


Last weekend, data showed that the most active bitcoin options were calls for $ 28k, $ 32k, and $ 36k by year end. This means that some options traders are betting on bitcoin's price to surpass the all-time high (ATH) that the decentralized currency touched in December 2017.

On September 14, researchers from data analytics firm Skew.com tweeted about an unusual number of call options for December 2020 that were much higher than the 2017 ATH.

"[December 2020] $ 28k, $ 32k, [and] $ 36k of the most active bitcoin options contracts yesterday," Skew tweeted. All of these calls are a lot higher than mid-December 2017 ATH, which saw BTC hit $ 19,600 per coin.


The chart was shared by Skew.com on Twitter on Monday, September 14, 2020.

New open positions have taken place on the Deribit crypto financial derivative platform. The action comes after the $ 570 million (optional) BTC option contract expires on Deribit on August 28.

There are 752 positions open for $ 36k, 462 contracts for $ 32k, and 230 contracts for $ 28k. Additionally, several $ 9k and $ 9,750 calls were placed for late September. In response to Skew's December call tweet, an individual wrote:

If you don't choose these options, it will be interesting to look back at the end of the quarter [4].

Essentially, bitcoin options are cryptocurrency derivatives that give a person or group of rights, but have no obligation to buy and sell BTC at a predetermined actual price, while also taking advantage of the deadline. use. In these examples, which are set above BTC's previous ATH, the actual price is set, and the deadline ends December 2020.

In the August 2020 Deribit newsletter, the exchange said "despite the ongoing competition, Deribit still leads with ~ 79% of all BTC Options held by OI".

Bitcoin options trader BTC price bet could touch $ 36k by December
The Skew chart shared on September 10, 2020.

Sharing the chart of the total BTC Options OI according to positions that expire two days before the weekend, Skew said traders are "Towards the end of the month that bitcoin options will expire."

“There are already $ 750 million in open interest,” added crypto analyst Skew.

Bitcoin insights and data researcher from Ecoinometrics also discussed bitcoin options markets derived from the CME Group.

While researching some of CME's markets and derivative actions, Ecoinometrics says that he doesn't believe that market sentiment has changed. "I don't think so," the blog post notes.

“If you think from a technical perspective, what we are getting right now is that Bitcoin has broken through its old resistance at $ 10,000 to become support. From May to the end of July, Bitcoin desperately stuck below $ 10k. But for [seven] today, $ 10,000 is holding. "

As for the CME Bitcoin options market, the post emphasizes that "calls continue to dominate the scene with [five] calls per [two] orders".

Additional post:

[That is] fairly obvious options traders are buying reservations to protect themselves or benefit from what they might consider a short-term decline. But in the long term, the bullish sentiment has not changed much.

Monday's BTC spot market fell into a slump, gaining more than 4% during afternoon trading (ET) sessions inching towards the $ 11k zone once again.

The increase in value has occurred amid some volatility and macroeconomic events such as the upcoming Federal Reserve meeting scheduled for Tuesday and Wednesday. Investors may be eyeing other disturbing events like the elections in the United States and the country's tumultuous dollar.

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