The Crypto Roundup: 14 February 2024 | CryptoCompare.com

Bitcoin options traders are setting their sights on a new all-time high for BTC, after the recent surge that saw the leading cryptocurrency break above $50,000 for the first time in over two years.

Data from leading cryptocurrency options trading platform Deribit shows there was a surge in open interest for call options expiring on March 29, with strike prices of $60,000, $65,000, and even $75,000. The data suggests traders are betting on BTC hitting new highs.

The surge in demand for these higher strike price call options comes shortly after Bitcoin ended its most prolonged winning streak in a year, dipping slightly after surpassing $50,000 amid a wider market pullback caused by hotter-than-expected inflation data in the U.S.

Nonetheless, the $50,000 strike price calls remain with the most open interest by the end of March, with these out-of-the-money call options trading at significantly higher premiums than puts, highlighting a bullish outlook among traders.

Call options give investors the option, but not the obligation. buy an asset at a set price at a certain date. These out-of-the-money call options are likely being fueled by expectations surrounding Bitcoin’s upcoming halving event and anticipation of potential interest rate cuts.

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• Source: https://www.cryptocompare.com/email-updates/daily/2024/feb/14/