Bitcoin once again surprised financial markets, breaking through the $93,000 mark. This was accompanied by increased activity at the Chicago Mercantile Exchange (CME), where $100,000 call options are gaining popularity.
Bitcoin Reaches New Peak
Bitcoin surpassed the $90,000 resistance level and reached new highs above $93,000. This news sparked excitement among traders who are becoming increasingly confident in the cryptocurrency's growth prospects.
Analysis of CME Options Trading
According to CF Benchmarks, a leading data provider, there is significant interest in $100,000 call options at the CME. This increased interest reflects a broader trend observed at the offshore Deribit exchange since September, where $100,000 options are also favored. Thomas Erdösi, product manager at CF Benchmarks, explained that a significant increase in positive skew in the 30-day fixed delta indicates growing demand for upside risk.
Increasing Demand for Higher Price Levels
Demand for strike prices above $100,000 shows investor confidence in further bitcoin growth. Rising implied volatility suggests traders are actively positioning for further gains. These derivatives are linked to the CF Benchmarks’ Bitcoin Reference Rate, highlighting confidence in bitcoin's upward trend.
Such events bolster confidence in Bitcoin's continued rise, underscoring optimistic market sentiments and heightened expectations for the cryptocurrency market.
