Crypto

Bitcoin (BTC) Price Dominates Crypto Market as ETF Options Traders Embrace High-Risk Strategies

Bitcoin (BTC) is eyeing record highs once again heading into Wednesday’s U.S. session. The largest crypto is trading just below $94,000, the new record from Tuesday, and leading the broader market with a 2% climb over the past 24 hours. Meanwhile, the broad-market CoinDesk 20 Index was little changed and large-cap altcoins ether (ETH) and solana (SOL) fell.

Options on BlackRock’s spot bitcoin ETF (IBIT) saw staggering first-day trading activity yesterday, pushing the BTC price higher, analysts noted. Most of the activity focused on calls, representing a bullish view, with some traders betting on a doubling of IBIT’s share price.

“It’s pretty interesting to see ‘professionals’ degen into $100 strikes (this effectively means a doubling of BTC prices given IBIT trades near $50),” crypto quant researcher Samneet Chepal noted. Options on other BTC ETFs will follow in the coming days, fueling more activity.

It’s not only bitcoin where the crypto action is concentrated, though. Trading volumes for popular altcoins dogecoin (DOGE) and XRP (XRP) surpassed BTC’s on South Korean crypto exchanges Upbit and Bithumb.

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Carmen Brooke Martin

Finance Analyst Hello, my name is Carmen Brooke Martin and I am an expert finance journalist with a master's degree from New York University in Business and Economics. I'm passionate about helping startups spread the word, discover and promote great projects in the crypto and fintech industry. What I am working on is to provide basic cryptocurrency education and benefits to the crypto community through video tutorials and written content. As a business developer, I help crypto projects structure and create a whitepaper that can stir investors' interest, advice on marketing strategies and promotions.

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