30s Summary

Bitcoin traders are rushing to secure the $100,000 call option on the Chicago Mercantile Exchange (CME) and Deribit, demonstrating a high optimism for Bitcoin’s price increase. A call option allows the buyer to purchase the asset at a defined price before a certain date. The data reveals a near year-to-date high, implying a heightened demand for upward exposure. Furthermore, call options above $100,000 are experiencing a surge in demand, suggesting traders are preparing for Bitcoin to surpass the $100,000 mark. Bitcoin recently broke the $90,000 barrier, reaching over $92,500, a 36% increase since the US election in November.

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Looks like Bitcoin traders are jumping at the chance to grab the $100,000 call option at the Chicago Mercantile Exchange (CME), a hub for big players, according to CF Benchmarks. Similar trends have been noticed on Deribit too.

Bitcoin seems unstoppable as traders keep betting on its price rising to six figures. The $100,000 call option is seeing a lot of action, showing that traders are highly optimistic about Bitcoin’s price.

Just to clarify, a call option gives the buyer the right to buy the asset at a specified price before some date. So, if they’re buying call options, they’re bullish about the currency, meaning they expect its price to go up.

According to Thomas Erdösi, head of product at CF Benchmarks, “Traders seem to be snapping up Bitcoin call options at the $100k strike price. The data shows a near year-to-date high. This indicates a much greater demand for upside exposure.”

In case you’re wondering, the 25 delta skew is a measure of the expansion of call options relative to puts. A positive reading means call options are more expensive and so, traders expect continued price growth.

Furthermore, call options above $100,000 are witnessing a surge in demand. It appears traders are preparing for Bitcoin to cross the $100,000 mark.

This bullish move comes as no surprise as traders have been drawn to the $100,000 call option on Deribit since late September.

Bitcoin recently broke through the $90,000 mark, once more reaching new highs over $92,500. This surge comes despite a concurrent rise in the dollar index. Since the US election in early November, Bitcoin’s price has shot up over 36%.