Deribit’s Sees Largest Bitcoin Options Trade

Published by

The world’s largest cryptocurrency, Bitcoin was being traded at $13,499 after a rather swift uptrend from $10,000. However, some market participants in the derivatives world appear to be aiming for at least $30,000 in the next three months. Crypto derivatives exchange Deribit revealed that the largest ever Bitcoin options has been filled on the platform.

According to the official tweet, 16,000 BTC contracts traded were traded on the 30th of October in January 2021’s 36,000 calls, and with that, the platform marked a new record of 47,000 BTC contracts traded. The latest development comes at a time when optimistic expectations were found to be quite high due to rapidly increasing institutional participation as well as mainstream adoption.

Growing bullish sentiment

The ‘call’ option is essentially the right to buy the underlying asset at the strike price on the expiry date and its use in the latest trade depicted a bullish sentiment in the derivative market. However, it is important to note that options are complicated financial instruments. This trade, in general, might not have been executed taking into consideration the volatility aspect rather than Bitcoin’s price. Hence, it also potentially suggested that the individual who placed the trade anticipated a rise in volatility in the short-term


The crypto-analytic platform, Skew also noted,

Source: Skew, Twitter

Bitcoin’s price has surged all the way from the Black Thursday lows of $3,800 to the current level near $13,500 over the eight months, thus noting an increase of more than 250%. But it was the recent market surge, that has revived talks of  Bitcoin hitting new record highs. This positive sentiment seeped through the derivatives sector as well which saw a significant rise in terms of its volume. Particularly, the options space has seen sizeable growth as Bitcoin’s dominance in the market increased.

And due to the latest news, the 24-hour Bitcoin options volume on Deribit’s platform reached a fresh all-time high. This was noted by Su Zhu, the CEO of Three Arrows Capital whose tweet read,

“Last 24hr volume on BTC options on Deribit Exchange at 47k BTC, which is an all-time high 29th Jan 2021 36k strike now 16k BTC open interest”

Ketaki Dixit

Experienced writer and editor with a demonstrated history of working in the industry. Skilled in Copywriting, Web Content Writing, Copy Editing, Writing, Cryptocurrency News Writing, and News Editing.

Share
Published by

Recent Posts

  • Bitcoin News
  • News

Ethereum’s Buterin To Use Returned $100M From SHIB Donation For Covid Relief Projects Worldwide

CryptoRelief is an Indian COVID-19 fund that will now be returned. Buterin will use it…

January 29, 2022
  • Bitcoin News
  • News

Shiba Inu (SHIB) Unfazed By Bitcoin Crash, Set To Launch Its Metaverse – ‘Shiberse’

Shiba Inu is the latest meme coin that seeks to jump into the Metaverse sphere.…

January 29, 2022
  • Press Release

#PR:Leader Recruitment Program for 4Jnet Global Alliances “Supreme leader 100”

4Jnet team is pleased to announce recruit of 100 opinion leaders. They will be officially…

January 29, 2022
  • Bitcoin News
  • News

Hackers Siphon Off $80 Million in Cryptocurrency from Qubit DeFi platform

Decentralized finance is often considered hackproof. However, hackers are an ingenious lot and have devised…

January 29, 2022
  • Bitcoin News
  • News

Just-In: Bitcoin May Soon Be A Legal Tender in Arizona

Bitcoin may soon become a legally recognized currency in a state within the US. Wendy…

January 29, 2022
  • News
  • NFT News

OpenSea Fixes Vulnerability, But Users Are Still Losing NFTs To Hackers

The OpenSea vulnerability which analysts first got wind of a few days ago appears to…

January 28, 2022