Bitcoin options market sees demand concentrate in $100,000 calls expiring in late January…signs of easing downside hedging
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Summary
- It said that in the Bitcoin options market for the January 30 expiry, open interest is concentrated in $100,000 call options.
- It noted that the notional size of $100,000 call options with the same expiry is more than double that of $80,000 put options, indicating that near-term betting on an upside scenario is continuing.
- Wintermute said that while some put option premium remains, it has eased significantly, suggesting downside expectations are moderating and the market could be in the early stage of seeking price stability after volatility.
In the Bitcoin (BTC) options market, positions targeting higher price levels for late-January expiries are gradually gaining traction.
According to a Bloomberg report on the 6th (local time), citing Deribit data, open interest is concentrated in call options with a $100,000 strike among Bitcoin options expiring on January 30.
The notional size of the $100,000 call options for that expiry was tallied at more than double that of $80,000 put options with the same expiry. This is seen as indicating that, in the near term, market participants are increasingly betting on an upside scenario rather than a sharp drop.
Jake Ostrovskis, head of OTC trading at Wintermute, said, "It’s hard to say the position size itself is very large, but it is consistent in directional terms." He added, "There’s still a bit of put premium left, but it has eased significantly." Ostrovskis added that the shift suggests downside expectations are gradually moderating and could be interpreted as an early stage of the market seeking price stability after a bout of volatility.
