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- With a steady move, Bitcoin options have surpassed $9 billion
- A sharp rise in the interest in Bitcoin options has been observed
- Amid the global pandemic, Bitcoin has become more attractive than ever
- The entire crypto industry has begun under fire
In recent months it is observed that unwaveringly, open interest in Bitcoin has surpassed $9 billion. Among the total amount, $3.7 billion is already set to expire by the end of this month. Following the data from Bybt, a cryptanalysis firm, at press time, such options contracts are now worth around 2,45,700 BTC ($9 billion). Among the contracts, most are traded on Deribit, Bitcoin futures, and options exchange. However, OKEx, LedgerX, and CME were also listed as other top Bitcoin options exchanges.
A sharp rise in the interest of investors in Bitcoin options
According to the data from the CryptoCompare, it is observed that the interest in BTC options has surged significantly over recent months. When the flagship crypto token price achieved a new all-time high, the interest in Bitcoin options also rose sharply. The current amount is a new record, observing which several analysts expect to influence the entire crypto market. Notably, following the report from Business Insiders, it is found that the open interest in calls is considerably more significant than open interest in puts. According to Nicholas Pelecanos, the head of trading at NEM, options volume gives a good sign of sophisticated investors of the token because of the complexity of trading.
BTC has become more attractive amid the global pandemic
According to Craig Erlman, market analyst at Oanda, the leading crypto token’s recent price movements reflect its volatile nature. Observing such volatility in the price movement, more investors are utilizing such options trade. As central banks are injecting stimulus packages since the COVID-19 pandemic, the token designed by Satoshi Nakamoto is getting more attractive. According to BitcoinTreasuries, several corporations have significantly seen their investments appreciate since they got into the token.
The crypto-assets market has begun under fire
Several crypto analysts in the cryptosphere are optimistic, whether the next move of the largest crypto token could make or break its bullish rally. According to analysts at Business Insider, the price of Bitcoin is close to Fibonacci retracement levels. According to Daniel Moss, strategists at DailyFX, the entire market has been under fire. If the price of the level of the token fails to gain a firm hold above $38,200, then probably, the sell-off pressure could drive the price level back towards the psychological support at $30,000.
