According to one analyst, the latest options data from Binance shows that Bitcoin options traders are betting that BTC could surpass its all-time high by the end of June. Open interest is concentrated at a $75,000 strike price for late June expiration.
YouHodler's market chief Ruslan Lienkha stated that open interest concentration is focused on Bitcoin's all-time high. Bitcoin hit an all-time high of over $73,000 in mid-March.
“There is significant open interest dominance and many options traders expect the Bitcoin price to exceed its all-time high by the end of June,” Lienkha said.
However, Lienkha predicts that the BTC price will likely continue to consolidate around current levels over the next few weeks.
Options are derivative contracts that give a trader the right, but not the obligation, to buy or sell the underlying asset at a predetermined price on or before a certain date. A call option gives the right to buy, while a put option gives the right to sell. It is generally assumed that an investor who purchases a call option is indirectly bullish on the market, while a put option buyer is indirectly bearish.
*This is not investment advice.