Bitcoin Options Open Interest Spikes to Record High as Traders Target $116K
Summary
The Bitcoin options market reached an all-time high with open interest around $65 billion, driven by Bitcoin's price nearing $112,000. Traders predict Bitcoin could rally to between $116,000 and $120,000, with significant participation indicated by $20 billion in open interest for BlackRock’s spot Bitcoin ETF. Excluding this ETF, open interest peaked at $46 billion in late November. The market remains bullish, with a preference for out-of-the-money call options, although some bearish bets have emerged. On the Deribit exchange, call options totaled $23 billion compared to $13.9 billion in put options. Bitcoin's price recently stood at approximately $111,800, reflecting a 4.2% daily increase and a 23% rise over the past month.
