Bitcoin (BTC) has been relatively apathetic this month, hunting below $ 100,000. However, this has not dissuaded merchants to continue betting on the leading cryptocurrency.
The most favorite option of this month has been to buy the call of $ 110,000 that expired on March 28, and buyers pay an accumulated net premium of more than $ 6 million for the upward exhibition, according to the flow of dropout options tracked by Amberdata.
A purchase option gives the buyer the right, but not the obligation to buy the underlying asset at a predetermined price on a specific date or before. A call buyer is implicitly optimistic in the market, while a buyer Put is bassist, who seeks to cover the downward risks.
“Looking at the monthly flows for merchants on the screen … The purchase of calls of $ 110K in March has been the most active trade,” said Greg Magadini, director of Amberdata derivatives, in a note shared with COINDESK.
Bitcoin has mainly negotiated within a limited range from $ 95,000 to $ 100,000 this month. The Bulls have had some positive developments for chewing, such as the continuous accumulation of Microstrategy and the recent revelation of Abu Dhabi of an investment of $ 436 million in the Bitcoin ETFs.
However, renewed winds against the head, highlighted by the US inflation data. Be limiting the upward potential.
During the weekend, a Token called Libra approached a market capitalization of more than $ 4 billion, only to delete 90% of that in minutes. The president of Argentina, Xavier Milei, initially promoted the currency on Friday night, but backed down in a few hours, causing a controversy that makes him face legal problems in his country of origin.
“Some upward headlines reached BTC last week, but that did not materialize in any higher real peak for spot prices,” Magadini said, referring to Abu Dhabi’s investment.
“Combine this news with the Memecoin Bearsh market resistance (a source of bearish headlines) such as the drop $ Libra, the pumping pumps mania and the growing supply of Alts [altcoins] And I see this market in Still. Together, this reinforces my ‘lateral’ market, market thesis of less volatility, “Magadini added.
