Large Bitcoin investors are placing bullish bets through options trades.
They anticipate a significant price surge by year’s end, potentially exceeding $70,000.
This whale activity suggests growing confidence in Bitcoin’s long-term prospects.
Large Bitcoin investors are making bold bets on the cryptocurrency’s future, as recent transactions signal a growing bullish sentiment. These high-stakes moves come amidst ongoing market volatility and shifting dynamics in the digital asset space.
A whale investor was noticed to make a significant bet that Bitcoin’s price will rise substantially by the end of the year. The anonymous trader sold a 60,000 BTC put option while simultaneously purchasing a 45,000 BTC put option, netting $872,000 in premiums in the process. This complex options strategy suggests a high degree of confidence in Bitcoin’s long-term prospects.
今日最大的 #BTC 大宗期权交易是：某老板卖出了年底6万的看跌期权+买入45000看跌期权，共计310个BTC，收入权利金87.2万美金。=》长期看多BTC，万一年底跌破6万，愿意已6万的价格买入现货，同时买了45000的看跌期权来做极端风险的对冲，还能拿到权利金做收益。🤑👍 pic.twitter.com/WOy0WUN36w
— Lin姐@Deribit (@LinChen91162689) July 20, 2024
The above trade is a complex options strategy known as a bull put spread. It is a bullish strategy because the investor profits if Bitcoin’s price rises or stays relatively stable above $60,000. They only lose money if the price falls significantly below $45,000.
Earlier, a different large transaction occurred, further emphasizing bullish expectations. An investor acquired 100,000 call options for the end of the year, involving a total of 1,250 BTC and a premium expenditure of $4.737 million. This investment reflects a strong belief that factors such as possible interest rate cuts and the upcoming elections could drive a significant increase in Bitcoin’s price.
Lin’s report aligns with Rekt’s analysis, highlighting a significant historical pattern. Historically, when Bitcoin surpasses $65,000, it often revisits the low $70,000s. To confirm a breakout, Bitcoin needs to close above the blue level on a daily basis, followed by a retest. This approach mirrors past trends highlighting the importance of these technical milestones for validating a breakout.
#BTC Reclaim the blue level as support and this move would probably see price revisit the $71500 resistanceAfter all – every time Bitcoin broke $65000 in the past, Bitcoin would revisit the low $70000sA Daily Close above blue followed by a retest would be the necessary… https://t.co/gDaEy60lKy pic.twitter.com/zwxxlwym2G
— Rekt Capital (@rektcapital) July 19, 2024
As of press time, Bitcoin was priced at $66,605.42, showing an increase of 4.16% over the last day. Bitcoin recorded a trading volume of approximately $33.84 billion in the last day, making it the top-ranking cryptocurrency by market capitalization, currently valued at $1.314 trillion. The circulating supply of Bitcoin is 19,728,150 BTC, with a maximum supply limit of 21 million BTC.
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