2023-12-29 09:15:39
Deribit, a leading cryptocurrency derivatives exchange, has seen a surge in bullish call contracts with an exercise price of $45,000, as Bitcoin continues to trade around $42,500. This has led to concerns about potential losses for some traders.
According to Deribit’s chief trading officer, the exchange has seen a record $11 billion in combined interest in bitcoin and ethereum options open. This has led to expectations of increased hedging and trading activity in the near future.
In a related development, the Chicago Mercantile Exchange (CME) has also seen a significant increase in Bitcoin options trading volume, which reached $2.39 billion. This indicates a growing interest and involvement by sophisticated players in the cryptocurrency market.
Despite these positive signs, CryptoQuant, a leading cryptocurrency data provider, has highlighted challenges for fair bets in the market. The company noted that sell volume is outstripping buy volume in the Bitcoin futures markets, raising concerns about the sustainability of the current bullish sentiment.
The conflicting signals from the derivatives market and the underlying market prices of Bitcoin have raised questions about the sustainability of the current bullish trend. Traders will be closely monitoring these developments to assess the future direction of the cryptocurrency market.
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