Options Show Bitcoin Traders Are Betting on $70,000 and Beyond
- Demand for out of money calls rises after mild weekend
- Open interest is concentrated in even higher strike prices
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Traders are setting their sights beyond Bitcoin’s 2021 record price even before it has been broken, with options showing growing expectations for a run to as high as $80,000 by the end of March.
The open interest, or the number of outstanding contracts, for short-dated call options that expire on March 29 with strike prices of $70,000, $75,000 and $80,000 has climbed in the last 24 hours, data from Deribit and Amberdata show. Bitcoin rose as much as 5.7% to $66,460 on Monday, bringing it within striking distance of its all-time high of $68,991 set in November 2021.