Bitcoin options market shows bullish sentiment amid price speculation

According to BlockBeats, on-chain data analyst Murphy shared information on social media regarding recent trends in the Bitcoin options market. The data from the 'Heat map of option premium strike prices' indicates a significant volume of call options in the strike price range of 123,708.$ to 129,685.$ on August 19. The cumulative premium for these options is approximately $43.32 million. Notably, there have been no net purchases below the current spot price, suggesting that traders are willing to invest in Bitcoin's upside potential towards this range, while the demand for put options remains minimal, indicating a lack of interest in downside protection.

Conversely, a relatively large volume of put options has been observed in the strike price range of 97,709.$ to $102,430, with a cumulative premium of about $13.14 million. This suggests that option sellers believe it is unlikely for Bitcoin to fall to this level, opting instead to sell volatility.

Overall, the sentiment among options market traders remains optimistic, with many betting on Bitcoin's potential to return to $124,000. Meanwhile, option sellers seem to believe that significant volatility is unlikely to push Bitcoin below $102,000.