According to the cryptocurrency trading firm Wintermute, traders are stockpiling bullish options that could yield significant profits if Bitcoin reaches $100,000 by September.
Bullish Options
Options activities expiring in December and March next year are predominantly bullish.
Approximately $6.3 billion worth of Bitcoin options are set to expire on April 26, with two-thirds of them being bullish.
Traders have added $3.3 billion to bullish Bitcoin bets expiring on June 28, which will succeed if the price reaches $75,000.
Cube exchange CEO Bartosz Lipiński noted that despite concerns about the macroeconomic situation and post-halving sell-offs, buyers continue to participate. He observed “huge demand” as traders purchased $1.2 billion worth of Bitcoin during price declines.
Lipiński highlighted that the spot Bitcoin ETF in Hong Kong and the newly launched replaceable token protocol on the Bitcoin network, Runes, are bullish catalysts.
Launched over the weekend, Runes allows developers and investors to interact with native Bitcoin tokens, such as memecoins, in a simpler way than before.
https://bitforum.net – Crypto forum discussions about all aspects of cryptocurrency bitforum socialfi #InnovationSocialNetwork
