Traders can now bet on whether bitcoin will hit $300,000 by year’s end.
- Crypto derivatives exchange Deribit has added a $300,000 option to keep up with BTC's blistering price performance in recent weeks.
- The $200,000 option came into being late last week after bitcoin rose from $25,000 on Dec. 25 to $32,000 on Jan. 2.
- Six days later – with bitcoin currently north of $39,000 and having risen to as high as $41,962.36 earlier Friday – the maximum option followed suit.
- Even with the bullishness driving bitcoin's rally, there's only so high folks are willing to climb, as you can see from the following picture of open positions on Deribit's website.
- Other than one optimistic soul wagering that $200,000 this year could be a real thing, there's been no activity at any strike above $100,000.
- Generally, options indicate how some of the market's more sophisticated traders are gauging current price trends.
- Hope may spring eternal but apparently, even hope has a ceiling.
Disclosure
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.