Mar 8, 2024

Data from Deribit Metrics shows that the bitcoin call option at the $200,000 strike price had a notional open interest of over $20 million.

Video transcript

The chart of the day is presented by, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Animal Spirit seemed to have returned to the market spurring interest in Bitcoin options that resemble 2021 on Friday. The dare bit listed Bitcoin call option at the $200,000 strike price had notional open interest of over $20 million. The strike price is almost three times. Bitcoin's market rate as of 10 a.m. eastern time at $68,500 call options give investors the right to buy the underlying asset at a set price at a later date. A call buyer is implicitly bullish on the market. This latest interest in the strike is consistent with the consensus that the impending Bitcoin having induced supply reduction will further skew the supply demand imbalance in favor of the bulls pushing prices into the six figures. That's a wrap for today's chart of the day. I'm Jen Sasi. We'll see you next time to unpack more of the data behind top news stories

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