CoinDesk·3 min read·hard
A $5 billion cluster has formed in bitcoin options. It tells a bullish story
O
Omkar Godbole
✦AI Summary
A significant concentration of Bitcoin options at the $70,000 and $72,000 strike prices suggests strong bullish sentiment among traders. Large-scale bull call spreads indicate expectations for moderate price increases in the near term.
The $70,000 and $72,000 options have together accumulated a notional open interest of nearly $5 billion, representing roughly 18% of the platform's total BTC options open interest of $28 billion. This makes them the two most popular contracts on the exchange, with one contract representing one BTC.
cryptoeconomy
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