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100K Next? Data Shows Huge Option Calls for Six-Digit Bitcoin Price

Amidst renewed bullish sentiments, trading activities show options traders are expecting Bitcoin to hit $75,000 and $100,000 by September.

The Bitcoin rebound late last week has seen option traders anticipate a more than 35% rally for the asset sometime this year. Data from leading options exchange Deribit and other over-the-counter (OTC) platforms has shown increased bitcoin call options, specifically targeting $75,000 and $100,000 by September.

Furthermore, derivative trading platform QCP Capital also saw bullish sentiments among options traders on Bitcoin, seeing the same calls in the same price range asDeribit.

“We are seeing some bullish follow-through in volatility and rates following the reversal bounce from Friday and into the weekend. BTC risk reversals have gone positive and renewed demand for BTC Sep export $75,000 and $100,000 calls,” QCP Capital stated.

After a period of intense market capitulation, which saw Bitcoin fall over 20% to $56,900 last week, the crypto market has bounced considerably. This came after the Federal Reserve System (Fed) denounced rumors of an interest rate hike on Wednesday after holding rates for the third consecutive time at 5.25%.

Bullish on Bitcoin

Market sentiment on Bitcoin has again flipped bullish, despite earlier claims that the asset may have peaked for this bull run. Majorly, improved macroeconomics and renounced demand for Bitcoin have led to this resurgence.

Inflows from US exchange-traded funds (ETFs) have resumed after going flat for a few weeks. Impressively, Grayscale, the issuer who was the catalyst for massive outflows, recorded its first net inflow since inception on Friday. GBTC also saw a $3.8 million inflow on Monday, boasting investor confidence.

This renewed bull take-over has inspired option traders to bet big on a continued Bitcoin uptrend. Data from Deribit showed that about $688 million in options calls for Bitcoin at $100,000 have been placed on its platform.

At press time, call open interest sits at 149,255, worth over $9 million. The put-to-call ratio is 0.44, with call interest more than doubling that of puts. Historically, increased call options in this manner have usually dragged the price of the asset with them.

At press time, Bitcoin is trading above $63,000 with a market cap of $1.3 trillion. The asset is up 3.6% in the past week and over 10% from its new high of $73,000.

Elendu Benedict

Elendu Benedict is a professional writer with sheer competence in crypto-related journalism. With a background in Engineering, Benedict specialises on news related to ETFs, market analysis, and macroeconomic policies that affects the crypto market.