More than 600 Bitcoin $100,000 strike call options were traded in a large block trade this morning.
According to Greek.Live, the nominal value of the traders reached up to $45 million, and the premium alone reached $8.5 million. According to the options market, traders are confident that the price of Bitcoin will reach or exceed $100,000.
Simply put, many traders are betting that the price of Bitcoin will go much higher, which highlights the bullish mood in the cryptocurrency market.
The optimism was mainly driven by Bitcoin’s 4% gain today, which pushed BTC above $71,000, followed by net inflows of around $570 in the spot Bitcoin ETF over the week. The sharp rise has resulted in a notable increase in implied volatility (IV) across all important periods, with Bitcoin’s daily volatility (Dvol) rising by more than 78%.
As a result, market sentiment shifted dramatically, favoring an optimistic outlook. BTC’s daily trading volume is also up nearly 80% today.
The market is riding a wave of positive momentum, or what traders call a long rhythm, as the trend becomes more significant with Bitcoin’s upcoming halving event. Halving events traditionally reduce the rate at which new Bitcoins are created, and could potentially increase the value of the cryptocurrency due to its limited supply.
As this momentous event approaches, expectations of it reaching all-time highs and possibly hitting $100,000 are becoming increasingly evident among investors and market observers alike.