Bitcoin options data highlights traders’ belief in further BTC price upside

Bitcoin options volumes experienced a significant surge on Oct. 23 and Oct. 24, marking the highest level in over six months. This activity coincided with a remarkable 17% BTC price rally over two days. Traders are now pondering whether the increased activity in the BTC options market can be solely attributed to the anticipation of a spot Bitcoin exchange-traded fund (ETF) or if the optimism has dwindled following the recent price surge above $34,000.

The recent gains are a rare sight in 2023, even considering Bitcoin’s impressive 108% year-to-date performance. Notably, the last instance of such price action occurred on March 14 when Bitcoin surged from $20,750 to $26,000 in just two days, marking a 25.2% price increase.

It’s worth noting the significance of the fact that a staggering 208,000 contracts changed hands in a mere two days. To put this into perspective, the prior peak, which occurred on Aug. 18, saw a total of 132,000 contracts exchanged, but that was during a period when Bitcoin’s price plummeted by 10.7% from $29,090 to $25,980 in just two days. Interestingly, Bitcoin’s options open interest, which measures outstanding contracts for every expiry, reached its highest level in over 12 months on Oct. 26.


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Oct-31-2023 09:23:44 AM