Bitcoin Soars to All-Time High as Options Traders Bet on a Rise to $140,000

Jinse Finance reported that bitcoin surged to an all-time high over the weekend, prompting options traders to increase their bets, expecting the largest cryptocurrency to rise to $140,000. According to data from Deribit, a crypto derivatives exchange under a certain trading platform, short-term bitcoin options contracts expiring at the end of the year have open interest concentrated around this strike price for call options. There has also been a moderate increase in demand for put options, as traders seek downside protection after the rally. "Currently, the notional open interest for bitcoin futures and perpetual contracts has reached record highs, despite a wave of 'buy-to-cover' liquidations," said Greg Magadini, Head of Derivatives at Amberdata. "The market rally has surprised people, and we have not yet reached the top, especially since many traders were previously shorting the market."