Traders flock to bets Bitcoin will rise above $70,000 by June. Some are even eyeing $100,000 – DL News

Bitcoin options traders are piling into bullish bets that pay off if the digital asset reaches record highs by then end of June.

The trades have flocked to bets that the price of Bitcoin will rise above $70,000 by June 28, according to data from derivatives platform Deribit. Some traders have even taken positions that Bitcoin will trade above $100,000 by the summer.

The bullish bets come as demand for spot Bitcoin exchange-traded funds soars.

Bitcoin ETFs attracted inflows of $2.45 billion during the week that began February 12, with 99% of inflows attributed to the US market alone.

A significant number of traders on Deribit have coalesced around options contracts that will profit if Bitcoin trades above its previous high of $69,000.

There are just over 2,700 open positions, or bets, on Deribit that will profit if Bitcoin trades above $70,000 by June 28. There are also more than 2,200 open positions on Bitcoin rising above $75,000.

The most popular positions on Deribit will pay off if Bitcoin trades above $60,000 or $65,000 by the expiration date in June, with more than 3,000 open bets on both prices.

Expiration in options refers to the contract’s end date, or the point the options stop trading and traders decide whether to buy them, which is known as exercising the option. Traders also have the right to exercise the options before the expiration date.

For the option to be profitable and warrant being exercised, Bitcoin needs to trade above the price at expiry.

A slightly smaller number of traders have set even higher targets. There are around 1,500 open positions that pay off if Bitcoin trades above $100,000 by the end of June.

Bitcoin has risen over 16% since January and has reached its highest price since December 2021.

Adam Morgan McCarthy is a market correspondent at DL News. Got a tip? Email him at adam@dlnews.com.