Bitcoin Options Concentrate Above $50,000 Strike Prior to Expiration at the End of February

Although bitcoin fell below the $50,000 mark on Tuesday, all bitcoin options expiring through the end of February are centred above the $50,000 strike. This comes amidst the release of new inflation data from the United States. According to Deribit, there was a significant concentration of bitcoin options at the $60,000, $65,000 and $75,000 strikes for the end-of-month expiry date as of February 23. Jag Kooner, head of derivatives at Bitfinex, said: 'The second-highest strike was $60,000, and on the day the volume of trades was The second highest option contract was a $75,000 Bitcoin call option expiring as of 24 June." Kooner added that many long-term bullish traders are buying these cheap call options with strike prices well above the current bitcoin price as the market tries to move above the key psychological $50,000 level.