Bitcoin
Traders pile millions on bets Bitcoin will hit $100,000 in September – here’s what will drive the rally – DL News
- Options traders are investing millions in bets that the cryptocurrency will hit $100,000.
- Crypto market creator Wintermute analyzed options data and describes what is driving the optimism.
- Runas is among the expected rally drivers.
Traders are stocking up on bullish options that pay off if Bitcoin hits $100,000 in September, according to cryptocurrency market creator Wintermute.
It’s a sign they’re optimistic, and have been since February, said Jake Ostrovskis, an over-the-counter trader at the company. DL News. He added that Bitcoin’s ability to fluctuate at $60,000 or above is a sign that short sellers are fleeing.
Bullish Options
Options activity for contracts expiring in December and those expiring in March next year is mostly bullish, he said.
Contracts representing nearly $6.3 billion worth of Bitcoin will expire on April 26, according to options metrics platform money-basedalmost two-thirds of which are optimistic.
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Traders have accumulated another $3.3 billion in bullish Bitcoin bets due June 28 that will pay off if the price hits $75,000.
Bartosz Lipiński, CEO of cryptocurrency exchange Cube, who worked at hedge fund Citadelcounted DL News that despite macroeconomic concerns and a post-halving sell-off, buyers are intervening.
He said he is seeing “good demand” as traders bought $1.2 billion worth of Bitcoin during a recent low.
Bargain hunters are taking advantage of lower prices to buy so-called satoshis, the smallest possible unit of measurement for Bitcoin, Lipiński said.
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Ostrovskis agreed.
“We have seen significant spot purchases across the board” through OTC desks, he said.
Lipiński named Hong Kong spot Bitcoin ETFs and a Bitcoin token protocol called Runas as bullish catalysts.
Released over the weekend, Runes allows developers and investors to interact with native Bitcoin tokenslike memecoins, in an easier way.
“How much Bitcoin bulls push the price up is anyone’s guess, but I would say a new upper limit depends more on Runes than anything else,” Lipiński said. “Early indications are that it will likely meet expectations.”
Crypto Market Movers
- Bitcoin is down 2.8% in the last 24 hours and is trading at $64,710.
- Ethereum fell 1.7% over the same period to $3,170.
What are we reading
Tom Carreras is markets correspondent for DL News. Do you have any tips about Bitcoin and options? Contact tcarreras@dlnews.com