Bitcoin’s record run is enticing options traders to plough over $1 billion into bets that the price will trade above $140,000 by September 26.
Data from derivatives exchange Deribit shows bullish positioning, underscoring confidence that the rally has more room to run.
“The demand is here, and I expect to see Bitcoin surpass $250,000 by the end of the year,” Kyle Chasse, founder of venture capital firm MV Global, said in comments shared with DL News.
Call options give buyers the right, but not the obligation, to purchase Bitcoin at a set price. In this case at $140,000 on or before the contract expires.
The optimism comes as Metaplanet, a Japanese Bitcoin treasury company, announced that it has purchased another 775 Bitcoin at about $120,000 per coin in a deal worth $93 million, bringing its total holdings to 18,888.
Bitcoin’s climb past $124,000 earlier in August to a fresh all-time high has been driven by continuing spot exchange-traded fund inflows, with over 200 corporate treasuries adding crypto to balance sheets, and a weakening US dollar.
Traders are also anticipating strong macroeconomic tailwinds in September.
The US Federal Reserve is scheduled to hold the next Open Market Committee meeting on September 16-17.
US Treasury Secretary Scott Bessent told Fox Business that the Fed should kick off an easing cycle with a 50 basis-point cut next month.
Lower rates tend to boost risk assets by reducing borrowing costs and pushing investors out of safe-haven bonds.
What we’re reading
Monero hashrate tug-of-war eases as Qubic loses 51% dominance — DL News
Citigroup Explores Stablecoin and Crypto ETF Custody Services — Unchained
New York’s top lawyer said Ethereum is a security. A crypto lawyer is coming for her job— DL News
Can PumpFun Be Dethroned? — Milk Road
XRP Ledger sinks to last place in latest blockchain security review — DL News
Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email at [email protected].
