Bitcoin’s price recently surpassed the $111,000 mark, intensifying activity in the Deribit options market. The open interest in options contracts rose dramatically, achieving a record $42.5 billion, reflecting significant market enthusiasm.
Key Highlights:
- Bitcoin reached new peaks above $111K, leading to unprecedented transactions in Deribit’s options market.
- The dollar value of open contracts signifies robust market engagement.
“Expect increased buying activity across various products linked to BTC,” CoinDesk suggested in a recent issue of the Crypto Daybook Americas, making a bullish prediction for Bitcoin.
“Не удивляйтесь, если покупательская активность вырастет по всему спектру продуктов, связанных с BTC.”
The notional open interest surged to $42.5 billion according to CEO Luuk Strijers of Deribit. Options are financial instruments that grant the holder a choice to buy or sell an asset at a set price before a specific date, with call options suggesting bullish market sentiment while put options hedge against price drops.
Traders are increasingly pursuing higher strike call options in light of Bitcoin’s rally. Strijers mentioned, “The most active strikes recently were $120K and $130K calls for May and June, with the highest open interest recorded at the $110K, $120K, and $300K June 27 strikes—indicative of strong bullish momentum.”
Deribit stands as the foremost crypto options exchange, accounting for nearly 80% of global trading operations and also facilitates perpetuals and spot market transactions. The total open interest across crypto options and futures has also reached a record $45 billion.
Additionally, Coinbase has announced plans to purchase Deribit for $2.9 billion to expand its presence in the U.S. crypto options landscape.
Read more:
In $2.9B Deal, Coinbase Agrees to Buy Deribit to Expand in U.S. Crypto Options Market
