Investments in options that predict the Bitcoin price will surpass $140,000 by the end of September have surpassed $868 million, according to data from cryptocurrency derivatives exchange Deribit.
The transactions in question consist of “call options,” which involve the expectation that the price will rise above $140,000 on the specified expiration date (September 26). Call options are known as products where investors take bullish positions.
Market participants’ expectations for July were already bullish. 10x Research CEO Markus Thielen predicted Bitcoin could reach $116,000 in July, while Bitwise analysts had a bolder forecast targeting $136,000.
Deribit data also reveals a similar increase in bullish positions in short-term contracts, with investors expecting Bitcoin to surpass $120,000 by the end of July.
“July will be challenging for the markets, but Bitcoin appears ready for it,” OKX US CEO Roshan Roberts said in a statement. Roberts noted that while large investors have embraced Bitcoin as a hedge against macroeconomic risks, the altcoin market has yet to show signs of recovery.
CEX.IO chief analyst Illia Otychenjo announced that he expects a capital flow of approximately $64 billion from altcoins to Bitcoin this quarter.
*This is not investment advice.