Bitcoin options traders have their sights set on $100,000 milestone

Odaily Planet Daily Report: The leverage in the cryptocurrency market is rising, and the open interest in the futures and options markets is at a high level. The Bitcoin futures contract on the Chicago Mercantile Exchange is one of the most popular ways for institutional investors in the US to increase leverage, while overseas traders often use perpetual contracts and options on some exchanges to place bets. Ravi Doshi, the market manager of the commodity broker FalconX, said: "At these levels, traditional financial institutions will borrow US dollars to short the cryptocurrency market in order to obtain an annualized yield of 18% by the end of November. As the yield continues to expand, FalconX's derivatives trading desk has seen strong interest in this trade." Bitcoin options traders have set their sights on the $100,000 milestone price for this primary cryptocurrency. According to data from the cryptocurrency options exchange Deribit, investors are lining up to bet that Bitcoin will break through this milestone by the end of this year. On Monday, Deribit data showed that there were 9,635 Bit (worth about $780 million) in open interest betting that Bit will reach $100,000 by December 27, which is the most bet on any expiration date. Deribit has set the probability of this trade being successful at 18.6%. (bnnbloomberg)