Traders Bet Big on Bitcoin Surpassing $70,000 by June, Eyeing $100,000
Traders are eagerly placing their bets on Bitcoin’s future, with many believing that the digital asset will soar above $70,000 by June. Optimistic investors have even set their sights on the milestone of $100,000. Data from derivatives platform Deribit reveals a significant influx of positions that will profit if Bitcoin surpasses $70,000 by June 28, totaling over 2,700 open bets. Additionally, there are approximately 1,500 open positions that will pay off if Bitcoin exceeds $100,000 by the end of June.
The surge in bullish Bitcoin bets coincides with a remarkable increase in demand for spot Bitcoin exchange-traded funds (ETFs). During the week beginning February 12, Bitcoin ETFs attracted an impressive $2.45 billion in inflows, with the US market accounting for 99% of these investments.
Deribit, a popular trading platform, has become a hub for traders seeking options contracts that could yield profits if Bitcoin surpasses its previous high of $69,000. A remarkable 2,700 open positions are poised to benefit if Bitcoin trades above $70,000 by June 28. Furthermore, there are over 2,200 open positions anticipating Bitcoin’s rise above $75,000.
Among the most favored positions on Deribit are those that would become profitable if Bitcoin trades above $60,000 or $65,000 by the June expiration date. More than 3,000 open bets have been placed on both prices. However, for these options to prove lucrative and be exercised, Bitcoin must trade above the designated price at expiry.
Although slightly fewer in number, a group of traders have set even higher targets. Approximately 1,500 open positions are aligned with the belief that Bitcoin will exceed $100,000 by the end of June.
Bitcoin’s remarkable rally has seen a 16% increase since January, reaching its highest price since December 2021.
Disclaimer: This news article is not financial advice. Cryptocurrency investments carry risks, and readers are advised to conduct their own research before making any investment decisions.
Analyst comment
Positive news.
As an analyst, the market is likely to witness increased bullish sentiment and demand for Bitcoin as traders place bets on its price surpassing $70,000 by June. The surge in Bitcoin ETF inflows and the significant number of open positions indicate optimism for a potential rise in Bitcoin’s value. However, it is important to note that cryptocurrency investments carry risks and readers should do their own research before making any investment decisions.
