Tag: 830M

Bitcoin bulls set to net an $830M profit after Friday’s BTC options expiry

Two or three weeks ago, when Bitcoin (BTC) was trading below $52,000, a trader betting on $65,000 by Oct. 22 would have been considered extremely optimistic. The fact that 98% of the put (sell) options for Bitcoin’s weekly options expiry this Friday have been placed below that price proves that this is true. Fast forward to this week, and the successful launch of the first BTC exchange-traded fund (ETF) in the United States and news that Digital Currency Group (DCG), the parent company of the Grayscale Bitcoin Trust, increased its…

Record $830M CME Bitcoin Futures Open Interest Highlights Bullish Trend

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Bitcoin (BTC) has been in a fairly strong bullish trend since mid-March when the price rebounded from the massive crash which saw the price drop as low at $3,600 on some exchanges.  Regardless of whether one is tracking the price on a 3-hour chart or the weekly timeframe, the price has steadily steamrolled higher, culminating with a test of $12,100 on August 2.  Technically, there hasn’t been a lower low ever since the 2-day 50% shakedown which saw the price testing the sub-$4,000 level. Bitcoin USD 3-day chart. Source: Skew…