The bullish outlook for Bitcoin persists due to substantial purchases of call options with expirations in December and March, according to QCP Capital.
3/ We remain bullish on #BTC as we see significant call buying in the Dec and March expiries. Major funds also continue to roll their Sep long call positions.
— QCP (@QCPgroup) August 8, 2024
Experts noted that major funds are also transitioning to bullish contracts with September execution.
According to experts, the market may soon encounter a ceiling on price recovery due to Ethereum liquidations by Jump Trading and potential distribution by Chinese authorities.
The analysts’ optimism is partly based on statements by Bank of Japan Deputy Governor Shinichi Uchida, who reduced the likelihood of another rate hike in the near future “due to volatility.”
On August 9, the crypto derivatives exchange Deribit will see the expiration of Bitcoin (~$2.25 billion) and Ethereum (~$500 million) options. The highest open interest among “at-the-money” contracts is concentrated at $58,500 and $2,700, respectively.
Tomorrow approximately $2.25 billion in #crypto #options are set to expire
BTC Options Notional Value: $1.75 billion
Put/Call Ratio: 0.66
Max Pain Point: $59,500ETH Options Notional Value: $0.50 billion
Put/Call Ratio: 0.93
Max Pain Point: $2,950Weekly Expiry: 8:00 AM… pic.twitter.com/NteH0hqli0
— Deribit (@DeribitExchange) August 8, 2024
During the market downturn on August 5–6, Bitcoin whale transactions reached their highest level since April, according to Santiment.
According to CryptoQuant’s calculations, the balance of long-term investors’ digital gold wallets increased by 404,448 BTC ($23 billion) over the past 30 days.
ForkLog has gathered opinions from experts and market participants regarding the future price prospects of the leading cryptocurrency.
Earlier, CryptoQuant analysts stated that Bitcoin had regained key support at $56,000, but uncertain trading indicates risks of a renewed downward trend.