$100m call option trades fueled by Bitcoin’s surge to $44,000
Greeks.live, a provider of trading tools for crypto options traders, reported on December 20th that the Bitcoin market is displaying a bullish sentiment. Despite a relatively calm day in the market, Bitcoin (BTC) has seen upward movements in all major terms, indicating volatility (IV).
The report also mentioned that Ethereum (ETH) has witnessed a shift in trend. This shift was evident through a block trade earlier in the day, where over $100 million worth of puts were purchased. Even with the recent rally, block put trades continue to have a significant influence on the ETH market. The report concludes by stating that long positions are concentrated in BTC, while shorts dominate in ETH.
An hour later, an update revealed that long positions on BTC remained prevalent, while short positions continued to dominate ETH.
Previous reports from December 19th indicated a positive shift for BTC, as it gained momentum following a local low of around $40,500 on December 18th. The Relative Strength Index (RSI), an essential indicator, showed bullish tendencies by maintaining a position around the 50 mark, suggesting further potential for upward momentum.
This price surge can be attributed to the excitement surrounding spot Bitcoin ETF approvals and updates provided by notable Bloomberg Intelligence analysts like James Seyffart, whose insights were particularly prominent earlier this week.
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