More than 600 $100,000 Bitcoin strike call options traded in a significant block trade today.
According to Greeks.live, the traders had a notional value of up to $45 million and $8.5 million worth of rewards alone. According to the options market, traders are confident that the price of Bitcoin will reach or exceed $100,000.
To put it simply, many traders are betting that the price of Bitcoin will rise much higher, highlighting the bullish sentiment in the cryptocurrency market.
Bitcoin broke the $70,000 zone without warning, just one step away from a new all-time high.
The rapid rise has pushed all major maturity IVs significantly higher, with BTC Dvol now above 78%, and market sentiment has quickly shifted to a long atmosphere.
More than 600 BTC worth $100,000… pic.twitter.com/JY9QXyzGMi
— Greeks.live (@GreeksLive) April 8, 2024
The optimism was largely driven by Bitcoin's 4% rise today as BTC surpassed $71,000, followed by a week of net inflows of nearly $570 into spot Bitcoin ETFs. The rapid rise has significantly increased implied volatilities (IVs) across all major terms, with Bitcoin's daily volatility (Dvol) rising above 78%.
As a result, market sentiment has changed dramatically and favors an optimistic outlook. BTC’s daily trading volume has also increased by almost 80% today.
The market is riding a wave of positive momentum, or what traders call a long rhythm, as the trend gains even more traction with the upcoming Bitcoin halving. Halving events traditionally reduce the speed at which new Bitcoins are created and potentially increase the value of the cryptocurrency due to its limited supply.
As this crucial event approaches, the expectation of reaching new all-time highs, possibly even the $100,000 mark, becomes more tangible among investors and market observers.
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