Bitcoin Option Traders Bet on Bullish Move Following Volatility Squeeze
While bitcoin's range play continues, options traders look to be betting on a big move to the higher side soon.
The likelihood of bitcoin challenging 2017's record high by the end of this year may have just nudged up – but don't raise your hopes too high just yet.
Data from major exchanges shows that open interest in ether options rose to a new lifetime high of $194 million on Tuesday.
Exchange Deribit has more than doubled on its previous daily record with well over $500 million worth of bitcoin options traded.
With bitcoin looking heavy this week, short-term sentiment in the options market has flipped bearish.
The two exchanges are moving into the crypto options scene, which continues to grow as volumes on spot and futures markets spiral.