Open interest for bitcoin options and futures has spiked over the past month as fear has stalked global banking, hitting an all-time high of 433,540 contracts on March 23 on Deribit, a leading exchange for crypto-focused derivatives products.
Most options traders are betting on bitcoin prices jumping higher, with open interest in call options at 206,979 contracts on Deribit, more than double the bearish put options of 93,857. "We've never seen this much activity before," said Luuk Strijers, chief commercial officer at Deribit. "We have reached the same levels of open interest as 2021 at half the prices, which means we have doubled."
Furthermore, bitcoin futures on the CME exchange are trading in "contango", meaning future contract prices are trading higher than earlier ones, indicating investors expect prices to keep going up. Futures for April trade at $28,475 while the May contract trades at $28,645, data from the exchange showed.
Good luck to Bitcoin traders.
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