Earlier this month, Pear has highlighted the growing demand for bitcoin of $ 300,000
Call option, noting it as one of the most popular bullish games for very important expiration in the June quarter.
Now, this bet has become the most popular in the imminent quarterly expiration, reinforcing its call as “lottery ticket “ For merchants anticipating a bitcoin rally over $ 300,000 by the end of next month.
At the time of the press, the purchase option of $ 300,000 was the most popular expiration of June 27, with an open notional interest of more than $ 600 million, against $ 484 million three weeks ago, according to the DRIBUT OF DATA. Open notional interest represents the value in dollars of the number of active or open contracts at a given time. On Deribit, an option contract represents a BTC.
“BTC call options of $ 300,000 in June emerged as the strike with the highest open interest (on the expiration of June), reflecting the aggressive speculative positioning by merchants anticipating continuing upwards,” said the chief of business development in Deribit, Lin Chen.
“The combination of record volumes and options concentrated by Paris signals high market confidence – and the increased volatile potential to come,” added Chen.
Notional deribit options Open interest has reached a record $ 42.5 billion last week. The momentum is reflected in the Block RFQ system (quote request) of the platform, recording a historic recording of almost a billion dollars in daily volume.
A purchase option gives the buyer the right but not the obligation to buy the underlying assets, BTC, at a predefined price at the latest at a specific date. A call buyer is implicitly optimistic on the market.
The $ 300,000 call expired on June 27 represents a bet that Bitcoin prices will increase three times by $ 110,000 to more than $ 300,000 by the end of the first half.
The bet seems weird because the first half will end in about four weeks. But this has been the case lately on the drunkenness, the traders more and more targeting the potential for rising through short -term options.
This is highlighted by the reversals of frontal risks, measuring the request for calls compared to short -term puts, being more expensive than those who have longer maturities.
The graph by Amberdata shows that risk inversions are positive in all areas, indicating a bias for bullish purchase options. However, short -term calls are prices than those of longer duration. Usually the reverse is the case.
The trend indicates an increased appetite for bullish bets at rapid rhythm among market players.
“The three -day Bitcoin conference of 2025 is ready to start in Las Vegas today, and therefore people speculate on what the new optimistic announcements will be published during the event,” said Chen.
Annoying signal
The growing demand for short-term calls could be a counter-current signal suggesting that an excess speculative is often observed near the markets of the market, according to Markus Thielen, founder of 10x Research.
Thielen said the options will flash a warning, seven -day calls for a 10% bonus at Put.
“The options market flashes a warning: Bitcoin bias, measuring the difference in implicit volatility between puts and calls, fell to almost -10%, indicating that calls are much more volatility than puts,” Thielen told customers.
“This suggests that traders aggressively pursue risks on the rise rather than cutlery.
