Derivatives market experts note the active accumulation of options to buy Bitcoin with an exercise price at the level of historical highs
Data from leading cryptocurrency options exchange Deribit indicate a significant concentration of contracts to buy Bitcoin (call options) expiring at the end of March at a price close to the all-time high of the first cryptocurrency of $69 thousand, The Block reports.
In a comment to The Block, a representative of the Bitfinex exchange noted that since the first cryptocurrency reached a new historical maximum on March 5, the largest volume of derivatives trading has been in contracts for the purchase of Bitcoin (call options) with an execution price at levels close to $70 thousand, for a period from one week to a month.
Data from The Block Data Dashboard shows that the current ratio of puts to calls on most exchanges has reached 0.6, indicating that investors are bullish on Bitcoin.
“The put/call ratio is consistently below 0.6 for the first time in the past 6 months, with the 24-hour ratio standing at 0.47, further indicating bullish sentiment among traders,” commented Jag Kooner, head of the department. Bitfinex derivatives.
Traders are expecting a decrease in Bitcoin volatility, as evidenced by the recent drop in implied volatility or IV, noted Jag Kooner. #Bitcoin #mistersailer
