💵🚀Bitcoin extends record run while options traders target $120,000🔥🔥
As Bitcoin breached $113,000 for the first time, the open interest, or the number of outstanding contracts on the Deribit exchange, has become concentrated around Bitcoin call options with $115,000 and $120,000 strike prices. Longer-term options expiring in late September and December have seen elevated open interest at $140,000 and $150,000.
Bitcoin’s breakout, fueled in part by institutional demand, is the latest validation for crypto bulls, who pounced after the November election on bets that the second Trump presidency will usher in a new era of permissive regulation. A Congressional committee declared the week of July 14 as “Crypto Week.” The biggest digital asset by market value is up around 20% this year amid the broader rally in risk assets that has also sent stocks to all-time highs.
