Bitcoin’s Enthusiasts Prop Up the Market with Bold Moves

Key Points

1. An investor purchased 3,500 contracts of a $140,000 call option and 3,500 contracts of a $200,000 call option for the same expiration, indicating a bullish strategy.

2. Bitcoin's price recently surpassed $123,000 for the first time and has been trading in a narrow range of $116,000 to $120,000.

3. Institutional interest is rising, with Deribit exchange's Bitcoin options open positions reaching 372,490 BTC, close to the June high of 377,892 BTC.

4. Ethereum options market also hit a record with 2,851,577 ETH in open positions, showing increased investor preference for options in both Bitcoin and Ethereum.

5. The options market is becoming a crucial tool for investors, reflecting heightened activity and confidence in cryptocurrency markets.