Bitcoin bulls are starting to bet big on higher BTC prices as open interest for options skyrockets, according to analytics firm Glassnode.
According to Glassnode, Bitcoin options open interest (OI) has cracked the $10.3 billion mark, and is now higher than futures OI for the first time in history
Options OI reflects the total dollar value of all options contracts that have not been settled. In this case, Glassnode says the soaring OI stems from traders buying up large amounts of call options in Bitcoin, which give them the right to buy BTC at a certain price regardless of the actual spot price.
“For the first time, the amount of Open Interest in Bitcoin Options contracts ($10.3 billion) has surpassed that held in Futures contracts ($10.0 billion).
Futures OI has been relatively flat in 2023.
This results from significant call option buys, as investors start to speculate on higher BTC prices.”
Glassnode recently reported on Bitcoin miners’ fee revenue, which gauges activity on the Bitcoin blockchain based on the amount of fees that miners are collecting. The metric is currently flashing signs that demand is growing for Bitcoin, according to the firm.
“Currently, the 90-day [simple moving average] for fees is outpacing its yearly average, suggesting new demand is entering the market.”
Glassnode also noted that the number of non-zero Bitcoin addresses has jumped to an all-time high of about 45.5 million.
“This suggests the degree of on-chain activity is currently improving.”
At time of writing, Bitcoin is trading for $28,294.
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