“Don’t be surprised if buying activity is collected across the spectrum of products tied to BTC,” Coindesk said in Tuesday’s edition of Crypto Doybook Americas and presented a Bullish case to Bitcoin.
As Bitcoin’s (BTC) price jumped to new life heights over $ 111K in Thursday’s Asian trade hours, the record activity in the market for discharged-listed options spurred.
The nominal open interest (OI) or the dollar value of the number of active or open option contracts increased to a record $ 42.5 billion, Deribit’s CEO Luuk Strijers told Coindesk.
The options are derived contracts that provide the right but not the obligation to buy or sell the underlying asset at a predetermined price at a later date. A call gives the right to buy that represents an implicit bullish effort on the market, while a put option offers insurance against price pictures.
BTC’s steps to detect heights so that dealers chase upwards through higher strike call options.
“Most traded strikes in the last 24:00: $ 120K and $ 130K upward calls for May and June Expired. Highest OI is now at $ 110K, $ 120K and $ 300K 27 June strikes – showing Bullish conviction,” Strijers said.
Deribit is the world’s largest crypto option exchange, which accounts for almost 80% of the global crypto option activity. The exchange also offers trade in eternal and spot markets. The overall open interest across crypto settings and eternal futures -segments has also hit a record height of over $ 45 billion.
Public traded crypto exchange Coinbase has planned to acquire derivatives exchange settlement in a $ 2.9 billion deal.
Read more: In $ 2.9B Deal, Coinbase accepts to buy Deribit to expand on the US Crypto Options Market
