Bitcoin Traders Pare Bullish Bias as Spot ETF Deadline Nears
Bitcoin call-put skews (Amberdata)
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Bitcoin call-put skews (Amberdata)
The expiry is Deribit’s largest so far and a record of almost $5 billion of options will expire in the money.
The Commodity Futures Trading Commission granted crypto derivatives company Bitnomial approval to register as a derivatives clearing organization in the U.S., letting it settle margined futures and options contracts.
Crypto derivatives show bullish positioning but are not over-extended by historical norms. That’s good news for the whole crypto market.
Increased interest in the three-dimensional options market suggests an influx of sophisticated traders in the crypto market.
We have seen interest in loading up more topside with strong demand for the March 2024 expiry calls, one OTC desk said.
The notional open interest in the global BTC options market stood at $17.5 billion at press time, while open interest in the futures market was $15.84 billion.
The one-month call-put skew has risen above 10%, indicating a strongest bullish bias in 31 months.
Deribit options open interest (Laevitas)
Bitcoin (BTC)surged past $31,000 Monday for the first time since mid-July as cryptocurrency markets continued their October bull run.