Bitcoin’s Wild Ride: Why $110K Options Are the New Comedy Gold! 😂💰

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What to know:

  • The $110K call on Deribit is the hottest ticket in town this month, according to Amberdata. 🎟️
  • BTC is stuck in a sad little range below $100K, like a kid at a dance with no one to dance with! 💃🕺

Bitcoin (BTC) has been as lively as a sloth on a Sunday, lounging below $100,000. But hey, that hasn’t stopped traders from throwing their hats in the bullish ring! 🎩

This month’s top option play? Buying the $110,000 call expiring on March 28! Buyers are shelling out over $6 million for this bullish joyride, according to the Deribit options flow tracked by Amberdata. 💸

A call option is like a VIP pass to the Bitcoin party—it gives you the right (but not the obligation) to buy the underlying asset at a set price before the big day. Call buyers are the optimists, while put buyers are the pessimists, clutching their pearls! 😱

“Looking at the month-to-date flows for on-screen traders… the buying of March $110K calls has been the most active trade,” said Greg Magadini, the director of derivatives at Amberdata, in a note shared with CoinDesk. Sounds like a party! 🎉

Bitcoin has been playing hide and seek within a narrow range of $95,000 to $100,000 this month. The bulls have had some tasty news to munch on, like MicroStrategy’s continued hoarding and Abu Dhabi’s jaw-dropping $436 million investment in Bitcoin ETFs. 🍔💰

But wait! The macroeconomic headwinds are blowing harder than a windstorm at a hair salon, thanks to last week’s spicy U.S. inflation data and the wild rollercoaster of memecoins. 🎢

Over the weekend, a token called LIBRA shot up to a market cap of over $4 billion, only to crash down faster than a bad joke! Argentina’s President, Xavier Milei, was all in on the hype, but then he backtracked quicker than a politician at a debate! 🤦‍♂️

“Some bullish headlines hit for BTC last week, but that didn’t turn into any real spike higher for spot prices,” Magadini said, referring to Abu Dhabi’s investment. Talk about a letdown! 😩

“Combine this news with the bearish memecoin market drag (like the $Libra drop), pump-fun mania, and the growing supply of altcoins, and I see this market in a stand-still. It’s like watching paint dry! 🎨 Together, this reinforces my ‘sideways’ market, lower volatility market thesis,” Magadini added.

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2025-02-17 10:28