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Home News Crypto

Why Traders Are Betting on a $100K Bitcoin Despite Price Slump

by Team Lumida
June 21, 2024
in Crypto
Reading Time: 3 mins read
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three gold-colored bitcoins on black surface

Photo by Dmytro Demidko on Unsplash

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Key Takeaways

  1. Traders are buying Bitcoin call options at $100K, betting on a rally.
  2. Despite a 1% drop to $64,500, options market shows bullish sentiment.
  3. Long-term holders and miners are selling, decoupling Bitcoin from Nasdaq.

What Happened?

Bitcoin’s price fell over 1% to $64,500, extending a decline from recent highs near $72,000. Despite this, the options market on Deribit shows a strong bias for call options, especially those expiring in December and March with strike prices between $90,000 and $100,000.

According to Singapore-based QCP Capital, this indicates that sophisticated investors are positioning for a potential rally lasting into 2025. In the last 24 hours, the most active options were June calls at $65,000, $68,000, and $70,000, and a July call at $110,000, highlighting traders’ bullish outlook.

Why It Matters?

The divergence between Bitcoin’s declining price and bullish sentiment in the options market suggests traders believe the current weakness is temporary. QCP Capital stated, “The market is calling the bottom and positioning itself for a sustained rally.”

This optimism is reflected in the consistent positive call-put skews over one, two, three, and six months, signaling traders are willing to pay more for upside potential. Such trends could indicate a broader market expectation of a significant price rebound, potentially driving investment strategies and influencing market behavior.

What’s Next?

Investors should watch for continued activity in high-strike call options and monitor the call-put skew for further signs of market sentiment. The decoupling of Bitcoin from the Nasdaq, driven by long-term holders and miners selling coins, could also impact future price movements.

Additionally, the German government’s recent movement of $425 million in Bitcoin, possibly for sale, might add short-term pressure on prices. However, the sustained demand for high-strike call options suggests that the market is preparing for a long-term bullish trend, potentially setting the stage for a rally into 2025.

Source: Coin Desk
Tags: BitcoinOptions Market
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018