untitled design

The Bitcoin options market is bullish

Despite the correction, derivatives market indicators indicate sustained bullish sentiment for Bitcoin ahead of the June 28 weekly, monthly and quarterly expiration. This was stated by a number of experts in an interview with The Block.

On the indicated date, the put/call options ratio is 0.51, which indicates traders’ optimism.

Open interest for Bitcoin options on June 28. Data: Deribit.

“The number of calls significantly outweighs puts, especially starting at $65,000. This is likely a byproduct of the bullish sentiment we opened the month with rather than the current situation,” Cube.Exchange CEO Bartosz Lipinski said.

According to QCP Capital analysts, the options market does not expect increased volatility in July, especially after reports of payments to Mt.Gox creditors.

“We are seeing little activity in the July derivatives market, suggesting traders are not anticipating volatility around the distribution itself [рухнувшей биржи]”, the experts added.

QCP Capital believes price action is likely to be limited in the near term, but potentially turn bullish by the end of the year. The company’s researchers observed large sales of calls expiring less than a month and aggressive buying of positions expiring in September-December.

According to Bitfinex analysts, current positions in the options market indicate that traders are speculating on a recovery in the third quarter and an increase in quotes in the fourth.

Over the past week, investors have opened call positions worth more than $300 million with an exercise price of $100,000, the publication’s interlocutors emphasized. This activity indicates that traders are either hedging their shorts or executing short-term spot orders.

Earlier, Sam Callahan from Swan Bitcoin said that the bearish pressure associated with the Mt.Gox distribution may be less than market participants assume.

Source: Cryptocurrency

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular