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Bitcoin Options Traders Hold Bullish View in Mid-Long Term: Recent OKEx Data

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Fri, 06/12/2020 - 12:39
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Yuri Molchan
A recent report shared by OKEx exchange says that BTC options traders are showing a bullish take regarding Bitcoin open interest in the mid-long term
Bitcoin Options Traders Hold Bullish View in Mid-Long Term: Recent OKEx Data
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According to the recent report shared by OKEx exchange, traders working with Bitcoin options are rather bullish on BTC open interest in the mid-long term.

At the moment, they are exiting their call options.

Traders are bullish mid-term on Bitcoin OI

Bitcoin has been pretty volatile this week, rising to the $10,000 level on the news of the FOMC meeting and the Fed announcing the continuation of the QE.

Despite the bullish news and the rise to $10,000, Bitcoin suddenly plunged to the $9,100 area.

This has also impacted the situation with BTC options on OKEx. In the report, the platform’s analysts suggest that traders working with Bitcoin options are likely to be bullish concerning the open interest on those investment tools.

"Overall, more traders are leaning towards a bullish view in the mid-long term, alongside a large proportion of hedging positions".

The report says that OI has been rising since May 19 and then on June 11, it reached a high of 7,580 BTC ($72,046,232).

However, on Thursday the OI fell to 5,553 BTC as the options expired on Friday. The authors of the report believe the OI will increase again soon.

OKEX
Image via okex.com

Related
Bitcoin Futures Open Interest Nearing $4 Bln First Time Since 'Black Thursday'

Traders are exiting their calls

The OKEx report also mentioned that compared to early June the Call to Put ratio dropped from 1.95 to 1.57 while the share of the overall OI totaled 61 percent.

The decline of Bitcoin happened along with the Call to Put volume showing a quick uptick.

Okex
Image via okex.com

The OKEx experts in the report point out that right now traders are offsetting their calls.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.