Bitcoin options volume hits three-month as traders scramble to add bullish bets in the wake of the sudden price rally to above $30K. reports godbole17.
, which highlighted a sustained institutional appetite for the world's largest cryptocurrency.
On Wednesday, bitcoin options contracts worth $3.3 billion changed hands across major exchanges, including Deribit. That's the highest single-day notional volume in three months. Deribit accounted for over 80% of the global tally. Options give investors the right to buy or sell the underlying asset, in this case, bitcoin, at a set price at a later date. A call option buyer gets the right to buy and a put buyer gets the right to sell. Traders often buy calls as a low-cost leveraged bullish bet.Call options at strike prices of $30,000, $31,000, $32,000 and $40,000 have been popular among traders in the past 24 hours, per Laevitas.
"Mostly, people have been buying back the topside, especially option overwriters given the rapid upward move," Chu said.The increased demand for options pushed Deribit's bitcoin volatility index, DVOL, to 59.24, the highest since early April, per Amberdata.
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