Bitcoin (BTC) was relatively apathetic this month, lowering less than $ 100,000. However, this has not dissuaded merchants from continuing to bet optimistic about the main cryptocurrency.
The most privileged option game of this month bought the $ 110,000 call expired on March 28, buyers paying a cumulative net bonus of more than $ 6 million for the bullish exhibition, according to the flow Disposal options followed by Amberdata.
A call option gives the buyer the right but not the obligation to buy the underlying assets at a predetermined price at the latest at a specific date. A call buyer is implicitly optimistic on the market, while a power buyer is a lowering, seeks to hide risks.
“Looking at the monthly flows for traders on the screen … The purchase of $ 110,000 calls in March was the most active trade,” said Greg Magadini, Director of Derivatives of Amberdata, in A shared note with Coindesk.
Bitcoin mainly exchanged in a narrow range of $ 95,000 to $ 100,000 this month. Bulls have had positive development developments, such as the continuous accumulation of microstrategy and the recent revelation of Abu Dhabi of an investment of $ 436 million in Bitcoin ETF.
However, renewed macroeconomic winds, highlighted by the warmer American inflation data last week and frequent liquidity drains caused by bomb cycles of memes and other small capitalization tokens, seem to cap potential increase.
During the weekend, a token called Balance has a zoom on a market capitalization of more than $ 4 billion, to erase 90% of this in a few minutes. The president of Argentina, Xavier Milei, initially promoted the medal on Friday evening, but made a step back in a few hours, causing a controversy which faced it legal problems in his country of origin.
“Some Haussiers titles reached the BTC last week, but it did not materialize in a real higher peak for cash prices,” said Magadini, referring to Abu Dhabi’s investment.
“Combine this news with the Bearish Memecoin market trail (a source of lowering titles) such as the drop in the library, the pumping mania and the growing offer of Alts [altcoins] And I see this market in stand-still. Together, this strengthens my “laterally” market, the thesis of the lower volatility market, “added Magadini.
