PANews reported on May 9, according to CoinDesk, that the Bitcoin options market shows increased institutional confidence. Data from the Deribit exchange indicates that institutions have increased their bullish bets through BTC options over the past week. Traders have been focusing on buying call options expiring in June/July with a strike price of $110,000, and have established calendar spread combinations with call options expiring in September at $140,000 and in December at $170,000, suggesting that the market expects BTC prices to potentially rise further to $140,000. CoinDesk data shows that BTC surpassed $104,000 on May 9, rebounding nearly 40% from the early April low, mainly driven by the positive impact of the UK-US trade agreement and continuous capital inflows into spot ETFs.

Ethereum showed strong performance during the same period, with ETH prices rising 30% in two days to $2,411. There was a surge in demand on Deribit for call options expiring in June at $2,400 and for long-term bullish spread contracts betting on price levels between $2,600 and $2,800. Deribit pointed out that the adjustment of institutional positions indicates that the bullish sentiment towards mainstream crypto assets is strengthening in the market.