While the leading cryptocurrency Bitcoin started the new week with an increase, the options market was also active.
At this point, the analyst said that the expectation of Donald Trump’s inauguration on January 20 fueled the increase in demand for the $120,000 BTC call option.
Speaking to CoinDesk, Amberdata executive Greg Magadini said that the Deribit options market has seen renewed activity in $100,000 and $120,000 futures call options.
Stating that this situation is a sign of an expectation of a rise towards new record levels after Trump takes office, Magadini said that investors increased their purchases of BTC options.
“An investor on cryptocurrency exchange Deribit spent more than $6 million on Saturday to buy $100,000 worth of futures options expiring on March 28.
This trade predicts new highs for Bitcoin just a few months after Trump takes office.”
Magadini said that after the $100,000 call, the $120,000 call is the most popular option on Deribit, adding that it has $1.52 billion in open interest.
Greg Magadini added in the weekly newsletter that BTC could see significant price appreciation with the bullish announcements and policy changes expected once Trump takes office.
*This is not investment advice.
