The heaviest trading activity in the expiring September 24 quarterly bitcoin options is concentrated in the $46,000 to $54,000 range, according to a Delphi Digital report.
0/ In today’s Delphi Daily, we examined the state of crypto derivatives.
We looked at open interest, BTC options, and trading of leveraged funds.
For a deeper dive into the state of derivatives 🧵👇 pic.twitter.com/GWwWpT0r3h
— Delphi Digital (@Delphi_Digital) September 14, 2021
Implied volatility curve suggests a move to $48 000–$50 000.
In the futures market, leveraged funds on the CME have increased their shorts.
Analysts say this signals increasing long interest by structures on spot exchanges and hedging open positions. They noted that net short persisted throughout the examined period and began to shrink since the rally started in December 2020. During this period, funds took profits and reduced hedging.
Earlier, Glassnode analysts concluded that the sharp pullback in Bitcoin price on May 7, did not shake the long-term investors’ resolve to hold the coins they had acquired.
Earlier analysis of futures after a 20% correction showed that bulls were able to defend key supports.
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