Bitcoin

Read

View

<div class="cryptonews">
 <p class="is-style-lead">Bitcoin (BTC) <a rel="noopener noreferrer nofollow" title="options" href="https://thebittimes.com/tag/options.html">options</a> <a rel="noopener noreferrer nofollow" title="traders" href="https://thebittimes.com/tag/traders.html">traders</a> are placing their bets on the <a rel="noopener noreferrer nofollow" title="long-term" href="https://thebittimes.com/tag/long-term.html">long-term</a> future of the asset, with 10,752 BTC block call <a rel="noopener noreferrer nofollow" title="options" href="https://thebittimes.com/tag/options.html">options</a> worth over $300 million recently traded.&nbsp;</p>
 <p>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;</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">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.<br>And looking at the <a rel="noopener noreferrer nofollow" title="options" href="https://thebittimes.com/tag/options.html">options</a> data, bets on longer-term up… pic.twitter.com/kq9NNuojG5</p>— Greeks.live (@GreeksLive) October 18, 2023
   </blockquote>
  </div>
 </figure>
 <p>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.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Ad Hoc Committee of FTX.com non-US customers announces successful settlement agreement
 </div>
 <p>Interestingly, the most dominant strategy employed by <a rel="noopener noreferrer nofollow" title="traders" href="https://thebittimes.com/tag/traders.html">traders</a> involved selling short-term at-the-money (ATM) call <a rel="noopener noreferrer nofollow" title="options" href="https://thebittimes.com/tag/options.html">options</a> while simultaneously buying forward out-of-the-money (OTM) call <a rel="noopener noreferrer nofollow" title="options" href="https://thebittimes.com/tag/options.html">options</a>.&nbsp;</p>
 <p>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.</p>
 <p>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 report on BlackRock’s ETF application has reduced, with BTC witnessing a subsequent price drop.</p>
 <p>Nonetheless, Bitcoin seems to have attracted substantial institutional and retail interest. BlackRock’s CEO Larry Fink emphasized that the rapid price surge above $30,000 upon the report demonstrated investors’ interest in crypto.</p>
 <p>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;</p>
 <figure class="wp-block-image size-full"><picture decoding="async" class="wp-image-14206078">
   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2023/10/19/901b26938d4af73a869a738054931b4b.webp.webp">
   <img decoding="async" width="1133" height="593" src="https://cdn.thebittimes.com/images/2023/10/19/901b26938d4af73a869a738054931b4b.webp" alt="Bitcoin options traders make $300m bet on long-term performance - 1"> 
  </picture>
  <figcaption class="wp-element-caption">
   BTC price – Oct. 19 | Source: Trading View
  </figcaption>
 </figure>
 <p>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;</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Basel Committee introduces draft guidelines on crypto asset disclosure
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-options-traders-make-300m-bet-on-long-term-performance-tbt66953.html">https://thebittimes.com/bitcoin-options-traders-make-300m-bet-on-long-term-performance-tbt66953.html</a></p>

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

TheBitTimes

Other articles published on Oct 19, 2023

NFTScan Now Supports Scroll Network for Both NFTScan Explorer and NFTScan API

Expert witness reveals that FTX falsified its wallet balance

Shiba Inu: Abnormal Spike in Large SHIB Transactions Recorded

Ethereum's Battle for Market Stability: ETH USD Analysis

Bitcicoin (BITCI) Price Prediction 2024, 2025, 2030, 2040, and 2050

Wemade announces Strategy SLG Street Wars: Hero Domination WEMIX PLAY Onboarding Deal

Join our free newsletter for daily crypto updates!