Bitcoin (BTC) price expectations over the next six months have turned positive for the first time in a long time, showing yet another confidence in Bitcoin’s recent rally.
Bitcoin’s 180-day call/put skew is positive for the first time since early 2021, according to digital asset data provider Amberdata, with bullish call option prices expiring in six months to bearish put option prices. showed to be higher than
Skew measures the price of a call versus a put, and options trading is used by both institutional and individual investors to speculate and hedge against the future outlook for cryptocurrency (virtual currency) prices.6 It is one of the indicators of price prediction for the month ahead.
“It’s a measure of market sentiment and flow,” cryptocurrency options exchange Deribit said in its Call Put Skew description.
Both short-term and long-term call-put skews turned positive for the first time since 2021.
Bullish call demand rose last week as Bitcoin broke above the 200-day moving average for the first time since April 2022. Bitcoin surged 21.9% last week, its biggest weekly gain since February 2021.
“At $17,000 spot price, $18,000/$19,000 calls were the main trades,” Amberdata’s Gregoire Magadini said in a newsletter published Wednesday. rice field.
“The flow of options gives market participants a clue as to the level of support and resistance. Notice that the dollar[strike price]call was bought,” Magadini said.
The bullish sentiment is also evidenced by a rise in the premium for bitcoin futures on the Chicago Mercantile Exchange (CME). With the spot price of Bitcoin rising to $21,437 for the first time since late October last year, the futures contract, which expires on January 28, rose early on the 16th to $21,535 for the first time in four months. became expensive.
This upturn is consistent with the recent improvement in the macroeconomic environment and the return of risk appetite in equity markets.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: Amberdata
｜ Original: Options Flip to Show Stronger Bitcoin Into July