The trader bought call options when Bitcoin was close to $68,000 and bought put options when it was near $66,000
Yev Feldman, co-founder of SwapGlobal, which provides derivatives such as swaps and options to U.S. digital asset investors, said, "We see traders buying call options when it's close to $68,000 and put options when it's near $66,000. In other words, many people are constantly adjusting their positions for Bitcoin to further break through both ends. However, there is limited reason for the significant drop in Bitcoin after the U.S. presidential election so betting on a rise makes more sense."
Data shows that open contracts of bullish contracts expiring on November 29th are concentrated around $80k with the second most popular execution price being $70k. Data also indicates that open contracts of call options expiring on December 27th are centered around $100k and $80k while the most popular execution price for call options expiring on November 8th was at $75k.(Bloomberg)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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