Bitcoin Sets Record With 47 Thousand Options Contract

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According to the information provided by Skew, Bitcoin investors are opening more options contracts for January 2021 than ever before.

Bitcoin (BTC) continues to be traded above $ 13,300 before the presidential election in the USA. While investors expect volatility in the market in the coming days, the activity in BTC derivatives markets does not end. According to Skew data, today alone, the $ 800 million worth of BTC options contract has expired.

A new record has been set in the option market

Deribit, one of the most preferred platforms for Bitcoin derivatives investors, announced today that a new record has been broken in the options market. The Bitcoin exchange posted an announcement on social media and announced that 16,000 contracts were opened for January 2021. In addition, the volume of options contracts in the stock exchange in the last 24 hours reached 47 thousand, breaking a new record.

https://twitter.com/DeribitExchange/status/1322141732205715456

This information shared by Deribit was confirmed by the analysis firm Skew. The Skew team shared a tweet today and announced that the transaction opened on Deribit is “the largest Bitcoin option transaction ever made”.

What does it mean for the cryptocurrency market?

We can say that the price based on these 16 thousand Bitcoin contracts is 36 thousand dollars and the opened contracts are call options. Although it is not possible to make a definitive comment, it may mean that the investors opening the contracts are bullish.

The reason for not making a definitive interpretation at this point stems from the complex structure of the options market. According to that team, investors may have made a transaction not because they think the Bitcoin price will rise to $ 36,000, but because of the volatility to be experienced in the coming months.


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