Sentiment in the bitcoin market appears to have flipped after a long time, suggesting an investor positioning for a potential rally to $80,000.
On Deribit, which accounts for a majority share of the multi-billion dollar global crypto options market, the $80,000 call — a derivatives bet that prices will rise beyond that level — has emerged as the most popular trade. It has overtaken the $60,000 put, which dominated positioning in recent months as prices declined.
As of writing, open interest at the $80,000 strike stands at over $1.6 billion, with each contract representing one bitcoin, according to Deribit data. The $60,000 put has an open interest of $1.41 billion.
BTC has already rebounded above $70,000 from early-week…
