Open interest in options points to a resurgence in speculative interest in Bitcoin, which is aiming to double from its 2022 lows. The increased attention is partly due to expectations that the first Bitcoin ETFs may receive regulatory approval in the United States, experts say.
A representative of the largest cryptocurrency options exchange, Deribit, said that open interest in Bitcoin options on the platform has reached a record level.
“Cryptocurrency options have been in high demand over the past few weeks,” said Caroline Mauron, co-founder of digital asset derivatives liquidity provider Orbit Markets.
Experts at Bitfinex Alpha, the analytics arm of cryptocurrency exchange Bitfinex, warned that after recent surges in price, Bitcoin could fall to $30,000. Analysts recalled that in the “best week” in recent months, BTC peaked at $38,000, its highest level since May 2022. But then the rate went down. Now, even at the current level of $37,000, the average purchase price among short-term holders of the asset is approximately $30,380.
Amid news of a bullish rally in the Bitcoin market, former CEO of the BitMEX cryptocurrency exchange Arthur Hayes decided to make his own prediction for the world’s first cryptocurrency. According to an expert, Bitcoin could be worth $1 million.
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