According to analysts, approximately $350 million in notional value of November call options were traded on CME. These options have a breakeven bitcoin price of nearly $80,000, indicating anticipation of a rally next month.
This significant trading activity suggests that investors are bullish on the price of bitcoin in the coming weeks. The call options traded on CME allow investors to profit if the price of bitcoin exceeds the breakeven point of $80,000 by the expiration date in November.
Analysts point to this activity as a signal of confidence in bitcoin’s potential for growth in the short term. The increased interest in call options with such high breakeven prices indicates a belief among traders that bitcoin has the potential to reach new all-time highs in the near future.
As the cryptocurrency market continues to evolve, traders are closely watching the movements of bitcoin and other digital assets. The substantial trading volume of November call options on CME reflects a growing optimism among investors regarding the future price of bitcoin.
