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Leading cryptocurrency Bitcoin (BTC) and altcoins continue to recover after the blow they received in the trade war between the US and China.
At this point, while BTC rose above $97,000, altcoins also experienced significant increases.
This recovery has increased bullish expectations among investors, with Bitcoin whales preferring the $300,000 call as the second most active option for June.
According to Coindesk, a $300,000 Bitcoin call option expiring on June 26 was the second most active position among June expiring options, with more than 5,000 open contracts and $484 million in notional open interest, according to Deribit data.
On the other hand, the $110,000 call for BTC remains the most popular among options traders.
Spencer Hallarn, a derivatives trader at crypto market maker GSR, likened the $300,000 options to a lottery ticket, saying:
“Maybe people like to buy lottery tickets. As the call skew shows, there are always people who want to protect themselves from hyperinflation.”
Hallarn recently stated that $300,000 options have attracted a lot of attention among investors, saying, “The Deribit BTC options market has experienced similar flows in previous bull cycles. However, these options have not gained enough popularity to be ranked as the second most preferred bet in the three-month period. None of them have attracted this level of interest.”
*This is not investment advice.
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