Bitcoin's booming options market has undergone a notable shift in positioning that could slow the largest cryptocurrency's climb above $70,000. The change shows up in open interest, a metric
Bitcoin's booming options market has undergone a notable shift in positioning that could slow the largest cryptocurrency's climb above $70,000.
The change shows up in open interest, a metric that tracks the dollar value locked in call or bullish and put or bearish, contracts at various strike prices.
Call options at the $70,000 strike are now the most popular bet on Bitcoin (BTC), carrying $1.63 billion in open interest, according to data source Metrics. A call at that level is a wager that Bitcoin will rise above $70,000 before the contract expires.
The key detail is that the $70,000 call has dethroned the $80,000 call as the market's favorite play.
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For the past six months, the $80,000 strike was the heaviest call, while the $60,000 put ranked as the most sought-after downside bet.
Analysts routinely framed Bitcoin's trading range as $60,000 to $80,000 over that stretch.
With the $60,000 put still the most popular bearish position, the options market now implies a tighter corridor, a possible floor near $60,000, and a ceiling that has slipped to $70,000.
There's a mechanical reason the new ceiling could hold. Imran Lakha, founder of Options Insights, said dealers hold net long gamma exposure above $70,000. Dealers, who aim to stay market-neutral while profiting from the bid-ask spread, would sell into strength above that level to remain hedged.
"That hedging acts like a brake," Lakha said.
She added how quickly Bitcoin can run once it reaches that zone. Ethereum (ETH), he added, faces less dealer gamma pressure and can move faster.
Bitcoin was recently changing hands near $64,100, down nearly 1% since midnight UTC at press time. Ethereum, XRP (XRP), and Solana (SOL) nursed similar losses, while Nasdaq 100 futures slipped 0.5%.
Alex Kuptsikevich, chief market analyst at FxPro, said sudden financial-market shocks remain a risk, but "waiting for such moments is a thankless task."
He argued that buying quietly at less than half of Bitcoin's peak levels looks reasonable for the coming days or weeks.
Related: Bitcoin’s next move? Traders load up on $110K calls, says top analyst
