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Bitcoin Traders Scoop Up Options Bets at $65K and Higher

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The bullish flow is reminiscent of the 2020-2021 bull market when traders consistently snapped up bitcoin calls at levels well above the going market rate.

Move over fears of a bitcoin (BTC) price drop due to so-called overbought technical conditions and potential selling by bankrupt crypto lender Genesis.

Crypto traders are snapping cheap out-of-the-money (OTM) bitcoin calls or bullish options bets at levels around the cryptocurrency’s lifetime high of $69,000.

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Over the weekend, many call options at strikes $65,000, $70,000 and $75,000 changed hands on Deribit, the world’s leading crypto options exchange by volumes and open interest. On Deribit, one options contract represents one BTC.

Call options give investors the right to buy the underlying asset at a specific price by a stated date, while puts confer the right to sell. A call buyer is implicitly bullish on the market.

The mass buying of higher strike calls reflects a bullish mood among sophisticated market participants.

“We see a concentration of open interest in $50k calls and have seen flows in $50K, $60K and $75K calls in the listed options markets from April to June maturities”” Kelly Greer, Head of Americas Sales, Galaxy, told CoinDesk in an interview. “These flows demonstrate conviction from buyers willing to pay a premium to take on these positions, suggesting investors have a constructive view on bitcoin.”

Greer added that a similar concentration of activity in the OTM calls at $30,000 and $40,000 in the final quarter of 2023 paved the way for a convincing price rally through those levels.

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Positioning in the options market has been a reliable indicator of impending price swings.

The recent bullish flows are reminiscent of the 2020-2021 bull market when sophisticated market participants consistently bought calls at strikes at $80,000 and higher at cheap valuations.

Bitcoin has nearly doubled to $50,000 since early October, with prices rising from $38,500 in the past three weeks, mainly due to strong ETF inflows.

The cryptocurrency’s 14-day relative strength index, a popular technical analysis tool, has jumped above 70, signaling overbought conditions in the bitcoin market. An overbought reading is often taken as a signal of an impending bearish trend reversal, although it only means the market has rallied a little too fast in a short period and may take a breather.“

“Bitcoin posted its seventh consecutive day of gains, but the strengthening slowed over the weekend. It also coincided with a move above 70 on the RSI on the daily timeframes, which could increase players’ appetite for short-term profit-taking. Caution is also building as we approach the January peak,” Alex Kuptsikevich, senior analyst at FxPro, said in an email Monday.

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Besides, a looming concern is that failed crypto lender Genesis’ forced sale of $1.6 billion in bitcoin, ether and ethereum classics could drive prices lower. Genesis recently filed a motion asking a U.S. judge to approve the sale of the above-mentioned cryptocurrencies held in Grayscale’s trust products.

Source: coindesk.com

The post Bitcoin Traders Scoop Up Options Bets at $65K and Higher appeared first on HIPTHER Alerts.

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Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships

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This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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