Investors bet on Bitcoin call options before the announcement of the Bitcoin ETF, with exercise prices concentrated at $50,000

According to the analysis of Deribit Bitcoin options market data, traders are preparing for significanT price fluctuations in January. As of January 5th, the total open interest of Bitcoin options on Deribit is 228,646.70 BTC, with a nominal value of $10.05 billion. This number indicates high market participation and strong interest in the future price trend of Bitcoin.

Among them, the open interest for call options is 162,694.50 BTC, while that for put options is 65,952.20 BTC. This suggests that investors' bullish sentiment dominates as they seem to anticipate or hedge against potential upward movement in Bitcoin's price.

In addition, the most concentrated strike price for call options is $50,000 with a value of $1.05 billion. This level can be seen as an important psychological barrier where many investors are betting on whether Bitcoin will reach or exceed this level. The next significant strike prices are $45,000 and $60,000 which indicate optimism towards higher prices but lack confidence in surpassing the key level at $50,000.

Regarding open interest by expiration date: data shows that there is a significant concentration on January 26th expiration date with call options worth $2.21 billion and put options worth $988 million indicating a more pronounced mid-term bullish sentiment suggesting that a substantial development related to Bitcoin ETFs may occur before this date.