Bitcoin $70,000 call option becomes most popular, replacing $80,000 strike

According to data, the $70,000 call option has garnered over $1.6 billion in open interest, signifying substantial capital betting on Bitcoin's price rising above this level before contract expiration. This position has overtaken the $80,000 call, which held the top spot for the past six months and still ranks second. The $60,000 put option continues to be the most sought-after bearish bet, reinforcing the idea of a $60,000 to $70,000 trading range.

Imran Lakha, founder of Options Insights, noted that dealers hold a "net long gamma exposure" above $70,000. This means that as Bitcoin's price rises above this level, dealers are likely to sell into strength to maintain market neutrality. Lakha described this hedging activity as acting "like a brake, capping how fast BTC can run once it gets up there." He contrasted this with ether (ETH), which he believes is less exposed to such dealer dynamics and could move faster.

Bitcoin was recently trading around $64,100, down nearly 1% from its midnight UTC level. Other major cryptocurrencies, including ether, XRP, and Solana, experienced similar minor losses. Nasdaq 100 index futures also fell by 0.5%. Alex Kuptsikevich, chief market analyst at FxPro, commented that while financial market shocks could cause sudden sell-offs, waiting for such moments is often unproductive. He suggested that buying in a quiet market at significantly lower levels than peaks could be a reasonable strategy in the coming days or weeks.