With Bitcoin Starting seasonally bullish October with a strong note, increasing to register maximums greater than $ 126,000, merchants who lost the early rally could be feeling the need to participate.
If the fomo of that newcomer, or the fear of getting lost, has hit, here are some options of optimistic BTC favored by analysts who could be worth considering the wave intelligently.
Call calls
Markus Thielen, founder of 10x Research, prefers to buy calls or calls of calls out of money (OTM).
“Buy calls from 1 to 2 months out of money (OTM) or call differentials (for example, $ 130,000/$ 145,000) allows merchants to participate in more rise without paying excessively for implicit volatility,” Thieen said in a note to customers on Monday.
A purchase option gives the buyer the right, but not the obligation, to buy the underlying asset at a predetermined price at a later date or before. A call buyer is implicitly optimistic in the market.
A Toro call differential is an option strategy in which you buy a shopping option at a lower exercise price and simultaneously sells another purchase option at a higher exercise price, both with the same expiration date, similar to the differential of $ 130,000/$ 140,000 suggested by Thielen.
The sale of the highest strike call limits its potential gain, but also reduces the initial cost of entering trade. More importantly, this strategy limits its maximum loss for the net premium paid in the differential in case the market falls unexpectedly, which makes it an ideal game for merchants who seek to balance potential gains with a limited risk.
While BTC is expected to move at the end of the year, the probability of sudden correction, triggered by the profits, cannot be completely ruled out.
Interestingly, merchants are reserving calls of calls through block operations, said Commercial Development Head of Asia de Decedes, Lin Chen, to Coindesk.
The flows are dominated by large blocks of calls of calls, either very long (September 2026) or very short, probably monthly, “Chen said.” On the other hand, obviously, we also see many profits taking profits. “
Financing of the so -called spreds with puts
Another way to obtain bullish exposure while minimizing the initial cost is to finance the Toro spreads through writing (sale) of lower OTM sales options, according to Greg Magadini, director of Amberdata derivatives.
“Selling the OTM Put and using income to buy multiple call differentials, instead of a direct OTM call, can help minimize the term VOL structure spending, still capture upwards,” Magadini said.
However, it is essential to understand the risks associated with this strategy. Selling sales options forces you to buy BTC at the exercise price of the put if the market falls below that level, which exposes it to a potentially significant low risk if the BTC price falls sharply.
While Toro’s call limits the losses from the side of the call to the paid net premium, the short leg introduces an additional exhibition that can be much greater than the initial credit received.
In general terms, BTC calls, especially those with longer durations, are cheaper compared to sales options, according to Magadini.
Finally, for those who seek long -term exposure, simply buy and maintain BTC historically has been the most rewarding strategy. Since 2011, the price of BTC has fired from $ 1 to more than $ 120,000.
