Recently, a large number of bullish options with a strike price above $74,000 have appeared in the Bitcoin options market, which will expire in June. Analysts speculate that many investors are betting on Bitcoin’s price exceeding $74,000 by the end of this month. QCP Capital analysts stated on social media that, according to data from the derivatives exchange Deribit, the open interest for bullish options with a strike price of $75,000, expiring at the end of June, is the largest, with a notional value of $920 million.
Furthermore, the highest trading volume on Deribit on Wednesday was for bullish options with a strike price of $80,000, with a total of 1723 contracts traded, representing a notional value of over $123 million. According to the content of this week’s GTRadar weekly report, the increase in ETF fund inflows seems to be evidence of institutional demand picking up, but whether this demand can continue to increase depends on whether Bitcoin can break through key resistance levels and the results of this week’s non-farm payroll data.
Stocklytics analyst Neil Roarty also expressed a similar view, stating during an interview:
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