Battered traders cling to $100,000 Bitcoin bet. Here’s when they say it’s happening
A bloody Monday in markets didn’t phase Bitcoin traders, who stuck by their bets that the price will reach $100,000 by year-end.
Options that pay off when Bitcoin hits that price by the contracts’ December 27 expiry are still the most popular, data from derivatives trading tracker BasedMoney shows.
Options are derivatives that offer traders the chance to speculate on price movements. Traders often use options trade to hedge against volatile markets.
Call options represent bullish bets, while puts pay out if an asset’s price falls.
A measurement of bullish bets against bearish ones signals traders expect a future price rise.
The so-called180-day skew chart for Bitcoin options is still positive despite Monday’s market decline that saw Bitcoin briefly plunge below $50,000 for the first time since February.
Monday’s downturn was part of a brutal drawdown in global markets amid fears about an economic slowdown in the US, policy changes in Japan, and geopolitical tensions in the Middle East.
Polymarket bet
Bitcoin price expectations are more muted among crypto bettors on Polymarket.
In stark contrast from a week ago, online bettors on the crypto prediction platform put the odds of Bitcoin reaching $100,000 before the year ends at 21%. That’s down from more than 42% on July 31.
Those odds peaked in March at 64% at a time when Bitcoin and crypto were at their highest in 2024.
That upward price run saw Bitcoin set a new all-time high above $73,000
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. To share tips or information about stories, please contact him at [email protected].
