Bitcoin options market, demand concentrated on $100,000 call at the end of January…signs of easing downside caution
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Summary
- Bloomberg reported that open interest is concentrated on the $100,000 call option expiring in January in the Bitcoin options market.
- The notional size of the $100,000 call option for the same expiry is calculated to be more than twice that of the $80,000 put option.
- The head of OTC trading at Wintermute said this could be interpreted as downside expectations easing and an early stage of prices seeking stability.
In the Bitcoin (BTC) options market, positions targeting top prices for end-of-January expiries are gradually gaining strength.
On the 6th (local time), Bloomberg, citing Deribit data, reported that among Bitcoin options expiring on January 30, call options with a strike price of $100,000 have concentrated open interest (Open Interest).
The notional size of the $100,000 call option for that expiry was calculated to be more than twice that of the $80,000 put option for the same expiry. This has been interpreted to suggest that, in the short term, market participants are gradually betting on an upside scenario rather than a sharp decline.
Jake Ostrovskis, head of OTC trading at Wintermute, assessed, "It's hard to say that the position sizes themselves are very large, but there is consistency in terms of direction." He said, "There remains some put option premium, but it has eased considerably." Ostrovskis added that this change can be interpreted as market expectations of declines gradually subsiding and an early stage of prices seeking stability after a volatility phase.
