Bitcoin Soars to All-Time High, Options Traders Betting It Will Rise to $140,000

Options traders upped their bets after bitcoin surged to record highs over the weekend, with the largest cryptocurrency expected to rise to $140,000. Short-term bitcoin options contracts expiring at the end of the year are concentrated around this strike price for call options, according to data from Deribit, a crypto derivatives exchange owned by Coinbase. There was also a modest increase in demand for put options as traders sought protection from the move after the move. " Nominal unpositioned squaring contracts for bitcoin futures and perpetual contracts are at record levels, despite a wave of buy position squaring liquidations, "said Greg Magadini, head of derivatives at Amberdata." The market rally has been unexpected and we haven't peaked yet, especially since many traders have shorted the market. " (Gold Ten)