30s Summary

Bitcoin is predicted to see its largest monthly options closure, valued at $13.6 billion by 2024, which could benefit those betting on its value rising above $100,000. The S&P 500’s weak performance and the fall in US 5-year Treasury yield has bolstered Bitcoin’s appeal. Bitcoin’s resilience is evident in its 34% gain in the past 30 days. The options for the ‘buy’ side on November 29th outweigh ‘sell’ options by more than a billion dollars, with 20% of the ‘buy’ options putting faith in the cryptocurrency hitting or exceeding $100,000.

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Bitcoin, also known as “BTC”, is expected to see its biggest monthly options close out, worth a whopping $13.6 billion, by 2024. This is a big deal especially for those who think the price of Bitcoin will exceed $100,000. This expiry date is November 29, so keep your eyes on the prize!

However, the S&P 500, hasn’t been doing so hot, staying just above 6,000 for the past few weeks, with investors becoming increasingly nervous. This is echoed in the US 5-year Treasury yield, which dropped from 4.35% to 4.12% since November 15. As a result, people are gravitating towards the relative safety of government bonds, even though they provide lower returns.

During times of economic uncertainty, people generally pull away from riskier investments. Despite this trend, Bitcoin has done pretty well, rebounding 5% from a recent low point of $90,775 on November 26, showing a strong 34% gain over the last 30 days.

“Buy” options for Bitcoin for the November 29th expiry are valued at a collective $7.4 billion across multiple platforms, which is more than the “sell” options, valued at $6.2 billion.

It’s worth noting that only 20% of the “buy” options are betting on Bitcoin hitting or exceeding $100,000, representing $4.25 billion for the November expiry. In comparison, less than 2% of the “sell” options are aiming as high as $100,000, reducing the value of these options to roughly $80 million.

Here are four likely scenarios for Bitcoin’s price at the options expiry on November 29:

– If the price is between $86,000 and $90,000, “buy” options benefit by $1.65 billion.
– If the price is between $90,000 and $94,000, “buy” options benefit by $2.6 billion.
– If the price is between $94,000 and $98,000, “buy” options benefit by $3.55 billion.
– If the price is between $98,000 and $102,000, “buy” options benefit by $4.58 billion.

So, those betting against Bitcoin will need to drive the price below $90,000 before the options expiry to hinder the “buy” options. But, with inflation worries growing, it’s possible that the price of Bitcoin could hit $100,000 or more soon after these options expire.

Just remember, trading is always a gamble, so be sure to do your homework before making any decisions!