Signals Positive for Bitcoin and Ethereum: Oracle Analyst Says Ground is Ready
Important data for Bitcoin (BTC) and Ethereum (ETH) have started to give positive signals again.
Bitcoin's on-chain data shows that exchange reserves have fallen to their lowest levels in several years. In addition, the distribution of open interest in the options market shows an optimistic atmosphere for Bitcoin and Ethereum.
Data from CryptoQuant and Deribit emphasized that investors expect Bitcoin to continue to gain value. Bitcoin has increased by more than 22% since its recent low of $ 49,500 on August 5
Optimistic options indicators
SynFutures co-founder Rachel Lin emphasized that futures market indicators indicate that investors expect an increase in the price of Bitcoin. “The market sentiment on the futures side is optimistic. The highest open interest for Bitcoin is in the $ 100,000 December call option,” she said.
According to Deribit data, the largest concentration of options across all upcoming expiration dates is found in $100,000 and $105,000 call options. The data also showed that the option contract with the highest trading volume over the past 24 hours was the $75,000 expiration call option.
Lin noted that the Ethereum futures market is similarly optimistic. The highest open interest is the $4,000 September call option, followed by the $6,000 range call option. Lin also noted a distinct lack of put options in the open interest distribution:
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