Bitcoin price is currently holding above $60,000 amid bullish on-chain and derivatives market signals.
According to data from CryptoQuant and Deribit, traders are expecting further price gains as Bitcoin continues its recovery. Bitcoin is currently up more than 22% from its recent low of $49,500 on August 5.
According to CryptoQuant charts, Bitcoin exchange holdings on central exchanges fell to their lowest levels in years in August. Since the end of July, the supply of Bitcoin on exchanges has fallen from 2.75 million to around 2.67 million. This is a 3% decrease over the past 30 days.
Bitcoin 
Bitcoin
+3.89%
Centralized exchange reserves have been plummeting since late July. Image: CryptoQuant.
The data also shows that since the beginning of the year, the supply of Bitcoin on centralized exchanges has decreased by 11%. This has happened as the Bitcoin price has risen by almost 43% since early January. When there are fewer coins on exchanges, supply-side pressure is generally reduced and the price is more likely to rise.
Bitcoin exchange reserves are now at their lowest levels in years. Image: CryptoQuant.
Optimistic Options Market Indicator
SynFutures co-founder Rachel Lin outlined a derivatives market indicator that suggests traders are expecting a bullish Bitcoin price move. “On the derivatives side, market sentiment remains bullish. For Bitcoin, the highest open interest is $100,000 for December call options,” Lin told The Block.
The Deribit indicator for all upcoming expiries shows that the most concentrated options are the $100,000 and $105,000 call options. The data also shows that the top option contract by volume over the last 24 hours is the month-end call with a strike price of $75,000.
Lin also added: Ethereum 
Ethereum
+3.24%
The derivatives market is similarly bullish, with the largest open interest being in September call options with a strike price of $4,000, followed by December calls with a strike price of $6,000.
Lin also noted that there is a significant lack of put options in the open interest distribution. “In particular, the top 10 open interests for Bitcoin and Ethereum are all call options, with no significant put options,” she said.
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