Call options on Bitcoin expiring at the end of June are concentrated above the $60,000 strike price, indicating bullish sentiment. This is evidenced by data from Deribit.
The chart for the June 28 expiry shows a cluster of call options with strike prices ranging from $60,000 to $75,000. At the time of writing, approximately 45,000 contracts worth $2.48 billion have been placed.
“The June expiry for call options is a good indicator of sentiment ahead of the halving, and our charts show much more positive positioning. The put/call ratio is significantly lower in June — 0.28 compared to 0.55 in March,” said Deribit’s Chief Commercial Officer Luuk Strijers in a conversation with The Block.
A put-call ratio of less than 1 implies bullish sentiment, indicating greater interest in Bitcoin’s potential rise.
In February, open interest in call options was recorded between strike prices of $53,000 and $60,000. The “maximum pain point” is at $48,000.
However, Strijers noted that after the halving in April, the market may face increased selling pressure and consequently a correction.
According to his observations, call options are relatively overbought, with most expiring around the time of the miner reward reduction.
At the time of writing, the leading cryptocurrency is trading at $51,527, having gained 1% over the past day.
The cryptocurrency fear and greed index is at 74, indicating bullish sentiment.
Earlier, experts at QCP Capital predicted Bitcoin’s return to its all-time high in March. This is also suggested by data on call options for the asset and the frenzied demand for ETFs.
Previously, MicroStrategy founder Michael Saylor described investor demand for digital gold as unsatisfied.
On February 12, early Bitcoin adopter Tuur Demeester suggested that the leading cryptocurrency could reach $600,000 by 2026.