Bitcoin on Verge of ‘Violent’ Move After Surge Toward Record, Options Show

Open interest for crypto options reaches all-time high
Traders flood in short-dated calls while puts are on the rise

A bitcoin logo in the window of a cryptocurrency exchange bureau in Istanbul, Turkey, on Friday, March 1, 2024. Bitcoin has jumped over 40% already this year atop the successful debut of the US ETFs, which directly hold the token.Photographer: David Lombeida/Bloomberg

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By David Pan

March 1, 2024 at 6:40 PM UTC

This article is for subscribers only.

After a breakneck run toward a record high this week, soaring demand for options appears to have left Bitcoin teetering on the verge of another parabolic run or a violent plunge.

Bitcoin has jumped around 20% since last Friday. The seemingly endless demand for US exchange-traded funds that hold the token has traders raising bets that the record price of almost $69,000, last seen during the Covid pandemic, will soon be surpassed. Bitcoin was mostly little changed at about $62,000 on Friday.