Bitcoin Traders Bet $2.9M on Break Above $82K
The recent rise in Bitcoin prompted traders to purchase 2,000 call-option contracts with a strike price of $82,000 set to expire on September 4, amounting to approximately $2.9 million, as reported by Laevitas. Bitcoin experienced a significant increase of about 25%, climbing from $64,000 to over $80,000, fueled by the U.S. Treasury's bond-buyback announcement and heightened interest in spot Bitcoin ETFs. On August 24, U.S. spot Bitcoin ETFs recorded net inflows of $337.56 million, bringing the total to over $2.5 billion within six days. Assets in Bitcoin ETFs rose from $78.67 billion to $98.56 billion. However, Bitcoin's seven-day options skew dipped to -5.17%, reflecting some caution. The cryptocurrency hit an intraday peak of $81,265 before pulling back, with $82,000 serving as a critical level for either further gains or profit-taking.
Key facts
- Traders bought 2,000 Bitcoin call options with $82,000 strike price expiring Sept. 4, costing $2.9 million in premiums.
- Bitcoin rose roughly 25% in seven days, from around $64,000 to above $80,000.
- U.S. spot Bitcoin ETFs saw $337.56 million net inflows on Aug. 24, extending six-day streak with over $2.5 billion total.
- Bitcoin ETF assets climbed to about $98.56 billion from $78.67 billion a week earlier.
- Bitcoin's seven-day options skew fell to -5.17% from +2.36%; Ethereum's skew turned negative at -12.15% from +3.41%.
- Bitcoin hit intraday high of $81,265 on Tuesday, retreating at 50-week moving average near $81,085.
- Galaxy Research found Bitcoin reclaimed 50-week moving average in 11 of 13 completed bear markets before low confirmed.
- Bitcoin's seven-day rate of change is around 25%, historically rare and often followed by consolidation.
Entities
Institutions
- Laevitas
- SoSoValue
- Galaxy Research
- CoinDesk
- CoinMarketCap
- Coinglass
- NFT Plazas