The Azerbaijan State News Agency

WORLD

Bitcoin-at-$100,000 forecasts are looking more realistic in the options market

Bitcoin-at-$100,000 forecasts are looking more realistic in the options market

Baku, March 9, AZERTAC

After long being scoffed at as just more hype from crypto evangelists, Bitcoin-at-$100,000 predictions are beginning to look like a realistic possibility in the options market, according to the Economic Times.

The largest cryptocurrency jumped to another all-time high of more than $70,000 on Friday, capping a seven-week run of more than 70%.

In the options market, the open interest, or the number of outstanding contracts, for call options with strike prices of $80,000 and $100,000 has jumped around 12% each in the last 24 hours, according to data compiled by Amberdata.

“I think $80K by end of month is not crazy,” said Leo Mizuhara, founder and chief executive of decentralized-finance institutional asset management platform Hashnote. “I just think the FOMO players are coming in soon. ETFs have opened up the space to even more retail.”

The latest shifts in positioning raises the possibility of a more sustained rally than during the runup on Tuesday, when the digital asset breached its previous record high set in late 2021. Lower volatility and leverage, as seen in the options and futures markets, suggest that Friday’s price move was more driven by demand from the spot market. Retail investors tend buy tokens in the cash market rather than using derivatives that help bolster leverage.

The current increase in Bitcoin’s price appears to be more spot-driven since the market is much “healthier,” with lower leverage compared to Tuesday, said Luke Nolan, research associate at crypto asset manager CoinShares.

The annualized funding rate for Bitcoin perpetual futures on Binance, which is a key indicator for leverage in crypto trading, was around 57% as of 1: 30 p.m. in New York. The funding rate climbed to more than 100% on Tuesday. Implied volatility for Bitcoin options dropped significantly when the price tumbled Tuesday immediately after the old high was breached.

To be clear, bullish sentiment and speculation continue to keep leverage elevated. The pullback after Bitcoin hit $70,000 on Friday has been in part due to liquidations across the derivatives market.

“Open interest is still sky high and there’s still rampant speculation,” said Zaheer Ebtikar, founder of crypto fund Split Capital. “This is generally the hardest part of the crypto cycle as hotter money comes in and pushes valuations the furthest but at the same time increases risk and volatility.”

Optimism over record inflow into newly launched spot Bitcoin exchange-traded funds has been the main driving force behind the bull run. The nine new ETFs have seen around $10 billion in net inflows since they began trading Jan. 11.

“We are seeing some of the strongest flows,” Nolan said.

 

Share news on social media

Follow us on social network

Georgian parliamentary delegation pays tribute to Great Leader Heydar Aliyev and Azerbaijani martyrs

Türkiye's President Erdogan arrives in Iraq's capital Baghdad for talks

Sun Zhuangzhi: Azerbaijan is of great significance to Chinese people

OIC General Secretariat welcomes agreement reached by Azerbaijan-Armenia Border Delimitation Commission

UN says heavy rains to affect about 770,000 people in Somalia

Air Defense Units conduct live-fire tactical exercise

President of Azerbaijan Ilham Aliyev arrived in Russia for working visit VIDEO

N. Korea fires unspecified ballistic missile towards East Sea: S. Korean military

Qatar welcomes agreement between Azerbaijan, Armenia on demarcating borders on lands belonging to four villages

11 missing in Guangdong rainstorm

Azerbaijani Paralympic swimmer secures European gold in Portugal

UK returns looted Ghana treasures on loan in six-year deal

Global oil prices drop

Azerbaijan relocates 39 more families to Fuzuli city VIDEO

UAE welcomes agreement between Azerbaijan and Armenia

Real Madrid secure hard-fought 3-2 win against Barcelona

1,300 people evacuated as 1999 NATO bomb removed from Serbian city

Japan PM sends offering to war-linked Yasukuni shrine for spring rite

Ersin Tatar announces upcoming visit to Azerbaijan

Azerbaijan claim bronze in Group 5 Hoops event at Rhythmic Gymnastics World Cup VIDEO

Norwegian Foreign Ministry welcomes progress on border delimitation between Armenia and Azerbaijan

Two Japan navy helicopters crash, one body found, 7 missing

China launches new remote sensing satellite VIDEO

Azerbaijan win group all-around bronze at Rhythmic Gymnastics World Cup in Baku

US House approves major military aid package for Ukraine

Salvator Rosa painting stolen from Oxford recovered in Romania after four years

Silva brings 1-0 FA Cup semifinal victory to Manchester City against Chelsea

Charles Michel welcomes agreement between Armenia and Azerbaijan

COP29 Presidency hosts “Dialogue on Enabling Global Action for Climate Finance” to drive necessary climate action

‘We are pleased for Azerbaijan to host COP29 Conference’

China’s Russian oil imports rise by 13% in first quarter of 2024 — customs

Ecuador president declares state of emergency over energy crisis

Azerbaijani gymnast advances to World Cup final in Baku

Nigar Arpadarai: All partners have strong interest in COP29

Cannes Film Festival 2024 poster unveiled

® Bakcell to deliver a massive giveaway of 100,000 GB!

Swedish Foreign Minister welcomes agreement on border delimitation between Armenia and Azerbaijan

AERA and ERRA hold international workshop in Baku

Emirates, FlyDubai flights back on schedule, but Indian carriers restricted in Dubai till Sunday

“We appreciate the launching of the COP Presidencies Troika,” says Prime Minister of Barbados Mia Mottley

US to withdraw military personnel from Niger, source says

Azerbaijani FM meets with outgoing Iranian ambassador

Senate passes bill renewing key FISA surveillance power moments after it expires

Turkish Foreign Ministry issues statement on Agreement reached by Azerbaijan-Armenia Border Delimitation Commission

Defense Ministry: Azerbaijan Army pays particular attention to training of recruits

ChatGPT 4 could be used to triage eye problems, say Cambridge academics

Turkish study identifies microplastics in brain cells

UNGA president highlights success of first Sustainability Week

Kenyan delegation to visit Azerbaijan

19th Western Pacific Naval Symposium set to take place in east China

International Monetary Fund ready to support Azerbaijan in hosting COP29

Azerbaijani Defense Minister meets with leadership of Land Forces VIDEO

Media Development Agency issues statement regarding false media reports circulated in Armenia and several other countries

UNESCO is stepping up the evidence base for gender equality

Azerbaijan, UN mull prospects for partnership within COP29

Azerbaijan, International Energy Agency discuss energy efficiency and cooperation within COP29

Azerbaijan's Minister of Culture holds meeting with his UAE counterpart in Venice

Azerbaijan, Kazakhstan hold regular consular consultations

11th international conference "Caucasus Albania: Ethnoarchaeology, written sources and historical monuments" gets underway in Baku

International Renewable Energy Agency’s 14th Assembly wraps up

Azerbaijani Para badminton player advances to semifinal of international tournament in Spain

ADA University-hosted Caspian Basin Studies Program wraps up

Azerbaijani oil price climbs above $88

Oil prices go up in global markets

Solemn ceremony dedicated to 53rd anniversary of Military Lyceum named after Jamshid Nakhchivanski held, Defense Ministry

UN Secretary-General encourages Armenia and Azerbaijan to tackle all outstanding bilateral issues toward achieving full normalization of relations

US Secretary of State: We welcome announcement that Armenia and Azerbaijan agreed on border delimitation between two countries

Azerbaijani pavilion launched at 60th Venice Biennale VIDEO

Baku hosts inauguration of FIG Rhythmic Gymnastics World Cup 2024 VIDEO

Azerbaijan’s National Olympic Committee hosts meeting with Bahamas Olympic Committee Vice President

Press release on the outcomes of the 8th meeting of the State Commission on the Delimitation of the State Border between the Republic of Azerbaijan and the Republic of Armenia, and the Commission on the Matters of Delimitation of the State Border and Border Security between the Republic of Armenia and the Republic of Azerbaijan VIDEO

Azerbaijani FM informs Algerian ambassador about current situation in the region

Azerbaijan, Italy discuss multifaceted strategic partnership

® Bakcell CEO meets with journalists in Khankendi

® Registration for Azercell-supported "Techcell" hackathon is now open

Dubai airport limits arriving flights amid storm backlog

NASA greenlights 2028 launch for epic Dragonfly mission to Saturn's huge moon Titan

® Global Finance Names the Innovators 2024: Kapital Bank has been awarded the prestigious “Best Use of AI in Digital Transformation” award

Lille's Yusuf Yazici goes down in club history, but Aston Villa make Europa Conference League semis

Azerbaijani shooters to compete at ISSF Final Olympic Qualification Championship

"Azerbaijan Airlines" becomes member of ACI Europe

Azerbaijani FM, Palestinian PM discuss situation in Gaza

ANAMA: Large amount of military ammunition found at farm in liberated Khojavand district

IRENA 14th Assembly highlights deployment of renewable energy sources in Africa

Public hearings on objections raised by Azerbaijan at International Court of Justice conclude

Baku Airport once again awarded Skytrax

Baku to host diplomacy academies’ meeting of Organization of Turkic States

Azerbaijani table tennis player grabs bronze at WTT Youth Contender Luxembourg 2024

Baiba Braze appointed Latvia's foreign minister

Delegation of Azerbaijani Central Election Commission to monitor elections in Maldives

Sony, Apollo discuss joint bid for Paramount, says source

® Azercell announces Crisis Management Group Project

Kazakhstan manufactures over 30,000 vehicles in Q1 2024

Turkish AI defense firm secures investment at valuation of $12.5M

Kenya’s military chief dies in a helicopter crash

Apple says it was ordered to pull WhatsApp from China app store

WHO warns growing spread of bird flu to humans is 'enormous concern'

Azerbaijan, CICA discuss prospects for partnership within COP29

Netflix adds 9.3 million new subscribers, beats expectations

Azerbaijan attends Ankara Industrial Cooperation Days in Defense and Aerospace