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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Options Frenzy: Bitcoin Rally To $37,000 Sparks Explosive Open Interest Surge

Christian Encila
Christian Encila
1 year ago
3 mins read
Bitcoin

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An apparent increase in demand for safe-haven assets, rising interest in Bitcoin ETFs in the US, and anticipation of a more accommodating position from the Federal Reserve were the purported drivers of the cryptocurrency market’s recovery this year, which led to a significant gain in the value of Bitcoin.

While the spot and futures markets for bitcoin were at the center of attention at first, options related to the cryptocurrency have recently come to the fore. By introducing a new facet to the market dynamics, these options give a convenient way to speculate on possible price swings.

According to figures from Glassnode, the open interest in Bitcoin’s options has reached a new high point by exceeding $16 billion. This big increase in open interest happens at the same time that Bitcoin’s price successfully reclaimed the $37,000 mark on November 15.

Options Open Interest On The Rise

The rise in open interest for options shows that the market is more active and investors are interested in Bitcoin futures. The $16 billion figure shows how important options trading is becoming as a major part of the bitcoin market.

Bitcoin

On November 10, the Options Open Interest, a measure of the total amount of money invested in options contracts, reached a record high of $18.05 billion, or 491,000 Bitcoin, Coinglass data shows.

Deribit, which has contributed about $14.5 billion, is mostly responsible for this surge, according to Coinglass.

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The cryptocurrency derivatives exchange has also disclosed a nearly peak value of $14.6 billion for its entire open interest notional value.

Source: Coinglass

Bitcoin was trading at $36,550 at the time of publishing. Using statistics from CoinMarketCap, the last time BTC traded at the $37K price was in May 2022. The coin has gained 5% in value over the past day.

In a noteworthy development, BTC options open interest has outpaced that of BTC futures, marking a significant stride in what Deribit described as “increasing market sophistication.”

The platform reported this shift earlier in the week, with Deribit’s Chief Commercial Officer, Luuk Strijers, emphasizing that the surpassing of BTC options open interest over futures open interest serves as a clear indicator of the market’s maturation.

BTCUSD trading a little over $36K today. Chart: TradingView.com

Bitcoin And The Broader Shift In Market Dynamics

According to Strijers, this transition suggests a growing inclination among participants to leverage options as strategic instruments for positioning, hedging, or capitalizing on the recent surge in implied volatility.

This evolution underscores a “broader shift in market dynamics,” reflecting an enhanced understanding and utilization of financial instruments within the cryptocurrency space.

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Meanwhile, adding to the upbeat narrative, the eagerly anticipated Bitcoin halving scheduled for April 2024 emerges as a beacon of positivity. With a historical track record of instigating a scarcity effect by halving miners’ rewards, this event has consistently propelled upward momentum in Bitcoin’s price.

Analysts and enthusiasts alike are brimming with optimism, viewing the upcoming halving as a potential catalyst that could robustly reinforce Bitcoin’s position and intrinsic value within the market, paving the way for heightened anticipation and market dynamics.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Freepik

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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