Bitcoin (BTC) has been relatively list -free this month and so far below $ 100,000. However, this has not deterred dealers from continuing to bet bullishly on the leading cryptocurrency.
This month’s most preferred option game has purchased the $ 110,000 call, which expires on March 28, with buyers paying a cumulative net premium of over $ 6 million for the bullish exposure, according to the derivative options that are flowed by amber data .
A call opportunity gives the buyer the right but not the obligation to buy the underlying asset at a predetermined price of or before a specified date. A call buyer is implicit Bullish on the market, while a put buyer is Bearish who wants to uncover downward risks.
“Looking at the monthly streams for dealers on screen … Purchase of March 110,000 March has been the most active trade,” said Greg Magadini, director of derivatives in Amberdata, in a note shared with Coindesk.
Bitcoin has mostly traded within a narrow range of $ 95,000 to $ 100,000 this month. Bulls have had some positive developments to chew on, as the continued accumulation of Microstratey and Abu Dhabi’s recent detection of a $ 436 million investment in Bitcoin ETFs.
However, renewed macroeconomic headwinds, highlighted by last week’s warmer US inflation data and frequent liquidity drains caused by boom-bust cycles of memcoins and other small capital-tokens, to be by limiting the upward potential.
Over the weekend, a token called weight zoomed in to a market share of over $ 4 billion, only to delete 90% of it within minutes. Argentina’s president, Xavier Milei, initially promoted the coin late Friday, but retired in a few hours and caused a controversy that has him to face legal problems in his homeland.
“Some Bullish headlines hit BTC last week, but it wasn’t realized to any real increase that was higher for spot prices,” Magadini said, referring to Abu Dhabi’s investment.
“Combine this news with Bearish Memecoin Market Drag (a source of bearish headings) such as $ weight, pump-fun mania and growing supply of alts [altcoins] And I see this market in stand-up. Together, this amplifies my ‘sideways’ market, lower volatility market dissertation, “Magadini added.
