Bitcoin Bulls Bet ₱111.92 billion ($1.85 billion) on $115,000 Year-End Rally
Crypto traders have placed ₱111.92 billion ($1.85 billion) in call options targeting Bitcoin at $115,000 or higher by December 25. Put options worth ₱60.5 billion ($1 billion) target $55,000 and lower, establishing a price floor far below current levels.
Key Takeaway
Balanced skew and bear hedges suggest $115,000 bets reflect positioning, not reckless optimism.
Call options targeting $115,000 and higher for December 25 hold ₱111.92 billion ($1.85 billion) in open interest at Deribit, the exchange that controls 92% of Bitcoin options for that expiry date.
Bitcoin sits at $79,824 as of May 7, up 33% from its yearly low of $60,130 on February 6. Bulls betting on a year-end rally to $115,000 are paying $2,202 to secure unlimited upside exposure to 1 Bitcoin at $120,000 or higher on December 25.
Put options tell a different story. Bears have parked ₱60.5 billion ($1 billion) in put options targeting $55,000 and lower. The skew indicator shows put options trading at a 9% premium relative to equivalent calls, which falls within the neutral range of -6% to +6%. That balance suggests neither bulls nor bears hold an extreme advantage.
Deribit holds $5.5 billion in total December Bitcoin options open interest. Around 50% of bets on both the bull and bear sides target prices considered improbable by current market conditions. Mining companies pivoting toward AI operations have created headwinds that analysts say could affect Bitcoin's ability to reach the $115,000 level. The December 25 expiry date will settle $6 billion in total options open interest across all strike prices.
This article was written based on reporting from Cointelegraph.
