Bitcoin and Ethereum Bulls Eyeing Further Gains, Options Market Says

IconCryptoNewsTerminal Staff23 Aug, 2024

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Bitcoin and Ethereum Bulls Eyeing Further Gains, Options Market Says

Traders in the options market are betting on further upswing for Bitcoin (BTC) and Ethereum (ETH), based on recent trading activity. According to The Block, traders have been piling into the December expiry BTC call options (strikes at $100,000), with the August expiry call options (strikes at $75,000) also seeing increased trading volume in the past 24 hours. This suggests that traders expect BTC price to continue rising in the coming months. Similar moves are being seen for ETH options traders, with traders piling into the September expiry ETH call options (strikes at $4,000). This indicates that ETH traders are also bullish on the price of ETH in the medium term. The recent recovery of BTC price has likely fueled this optimism among traders. BTC has gained over 20% in the past week, and is now trading above $23,000. ETH has also performed well, gaining over 15% in the past week and is now trading above $1,600. Overall, the options market is signaling that traders are expecting further gains for BTC and ETH. This positive sentiment is supported by the recent price action in both cryptocurrencies.

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