PowerTrade revealed that open interest, which represents the number of active APE options contracts, experienced a remarkable surge of over 800% in just one day, reaching 263,000 ($394.5K). The majority of this open interest is made up of call options, a type of derivative that offers an asymmetric upside potential.
Call options, where buyers are betting on a price increase of the underlying asset, account for more than 80% of the total open interest. This surge in call options indicates that investors are bullish on APE and anticipate a positive price movement in the near future.
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