Bitcoin options traders are still betting on a rise to $100,000 before the end of the year. Trading data shows a positive outlook through Monday's reversal.
A bloody Monday in the markets didn't bother bitcoin traders, who were betting the price would hit $100,000 by the end of the year.
Options that pay when bitcoin hits that price by the December 27 expiration of the contracts are still the most popular, Information From derivatives trading tracker BasedMoney shows.
Options are derivatives that give traders the opportunity to predict price movements. Traders often use options trading to hedge against volatile markets.
Call options represent bullish bets, while puts pay off if the asset price declines.
The measurement of bullish bets against bearish ones allows traders to predict future price increases.
The so-called 180-day skew chart for bitcoin options is still positive despite Monday's market decline, which saw bitcoin briefly fall below $50,000 for the first time since February.
Monday's decline was part of a brutal drawdown in global markets amid fears of an economic slowdown in the US, policy changes in Japan and geopolitical tensions in the Middle East.
Polymarket bet
Bitcoin price expectations were more muted among crypto bettors at Polymarket.
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In stark contrast from a week ago, online bettors placed on the crypto prediction platform Inequality Bitcoin will reach $100,000 before the end at 21% for the year. It was down more than 42% as of July 31.
Those odds peaked at 64% in March 2024, when Bitcoin and crypto hit highs.
That upward price run saw Bitcoin set a new all-time high above $73,000
Osato Awan-Nomayo Our Nigeria based DeFi representative. He covers DeFi and technology. To share tips or information about articles, please contact him here [email protected].
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