The Bitcoin bulls’ goal is to reach $50,000 before the expiration of the $675 million BTC option on Friday


On Friday, August 13, a total of 675 million U.S. dollars worth of Bitcoin (Bitcoin) The option is about to expire and the bulls currently enjoy a significant advantage after rising 20% ​​to $46,743 per week.

According to Cointelegraph, there are two things Marks a positive shift for institutional investors Deposits on derivatives exchanges reached their lowest level since May 11, and entities holding 10,000 to 100,000 BTC increased their Bitcoin holdings by more than $12 billion.

At the same time, with the payment company owned by Paypal, the adoption rate of cryptocurrency continues to rise Venmo expands the scope of support By allowing credit card holders to convert their cash back rewards into four cryptocurrencies.

Investors may also react to a new wave of indirect exposure exchange-traded fund (ETF) documents filed with the US Securities and Exchange Commission.The latest request comes from Asset Manager VanEck August 10.

BitMEX’s $100 million settlement and ETF hopes fueled bullish bets

On August 3, Gary Gensler, Chairman of the US Securities and Exchange Commission hint If specific changes are made to the tool, it will be more willing to accept BTC ETF applications.

This week, BitMEX also agreed to resolve cases involving the US Commodity Futures Trading Commission and the Financial Crime Enforcement Network. As part of the settlement agreement, BitMEX will pay a civil fine of up to 100 million U.S. dollars for “illegal operation of a cryptocurrency trading platform and violation of anti-money laundering regulations.”

This bullish news boosted some bullish bets on Friday’s option expiration, but some traders became too excited.

Bitcoin Options aggregates open positions on August 13. Source: Bybt

The total number is similar to $625 million from last week When the option expires, the call option ratio at that time is also 1.78. This week, neutral call options once again dominated, and protective put options were below the current price level of $46,500.

If Bitcoin stays above $46,000 at 8 am Eastern Time on August 13, all 5,278 BTC put options contracts will become worthless.

On the other hand, only 5,335 BTC call (buy) options will participate in expiration, which is equivalent to US$245 million. Investors were too excited and bought call options of $48,000 and higher, which reduced the potential of these call options of $435 million.

Bears pin their dreams on Bitcoin prices below $44,000

The bulls can use their significant advantage to push prices up, because reaching the $48,000 mark will increase the option expiration by $80 million in nominal terms. In this case, the bull’s advantage will reach 325 million U.S. dollars and show a stronger dominant position in the market.

The only solution for a short position is that it is unlikely to expire below $44,000. If it happens in some way on Friday, it will greatly reduce the advantage of the bulls to a meager $80 million.

Although it may be too early to announce the game, the incentives to reduce the price of Bitcoin by 5% to below $46,500 do not seem to be worth the effort.

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