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Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) options traders are placing their bets on the long-term future of the asset, with 10,752 BTC block call options worth over $300 million recently traded.&nbsp; 
Geeks.live, a notable options trading platform, recently highlighted the metric. These call options are financial contracts that give the holder the right to purchase a predetermined amount of BTC at a specified price on or before a particular date.&nbsp; 
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 Even though the ETF news is over, there will not be any substantial benefits soon and the hype has come to an end. But BTC did attract market fund, with price up $1,000 compared to last week, while other coins were weaker. And looking at the options data, bets on longer-term up… <a href="https://t.co/kq9NNuojG5" target="_blank">pic.twitter.com/kq9NNuojG5</a>— Greeks.live (@GreeksLive) <a href="https://twitter.com/GreeksLive/status/1714685583048749241?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">October 18, 2023</a>
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The increased block call options, signifying bullish sentiments towards BTC, accounted for more than 40% of total trading activity on the day. The prevailing uptrend in Bitcoin’s price has sparked a wave of optimism, triggering these trades. 
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Interestingly, the most dominant strategy employed by traders involved selling short-term at-the-money (ATM) call options while simultaneously buying forward out-of-the-money (OTM) call options.&nbsp; 
This strategy expresses a mixed sentiment, with traders capitalizing on short-term market volatility and a long-term bullish outlook for Bitcoin. The premium received from selling the short-term calls is invested in buying the forward, out-of-the-money calls. 
The increased activity hints at the sustained faith in Bitcoin’s potential despite recent fluctuations in price. Notably, the market volatility triggered by the recent false <a href="https://crypto.news/crypto-market-sees-massive-pump-and-dump-amid-fake-bitcoin-etf-news/">report</a> on BlackRock’s ETF application has reduced, with BTC witnessing a subsequent price drop. 
Nonetheless, Bitcoin seems to have attracted substantial institutional and retail interest. BlackRock’s CEO Larry Fink <a href="https://crypto.news/crypto-demand-evident-amid-etf-fake-news-blackrock-ceo-says/">emphasized</a> that the rapid price surge above $30,000 upon the report demonstrated investors’ interest in crypto. 
With Bitcoin’s price increasing by $1,000 compared to the previous week while other cryptocurrencies faced weaknesses, it’s evident that Bitcoin remains the focus of attention for many in the market.&nbsp; 
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 BTC price – Oct. 19 | Source: Trading View
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Remarkably, BTC has held firm above the $28,000 mark despite the FUD accompanying the surge to $30,000. The asset is only down 0.55% since Oct. 16, changing hands at $28,343 at the reporting time.&nbsp; 
 Read more: <a href="https://crypto.news/basel-committee-introduces-draft-guidelines-on-crypto-asset-disclosure/"> Basel Committee introduces draft guidelines on crypto asset disclosure </a>

Bitcoin options traders make $300m bet on long-term performance

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