Bitcoin Surges to New Highs, Hits $93K as Traders Eye $100K Options Bets

Bitcoin (BTC) has broken through the $90,000 resistance level, reaching an all-time high of $93,000 on Wednesday, as the cryptocurrency market continues to gain momentum. The surge has sparked a surge in demand for call options on the Chicago Mercantile Exchange (CME), where traders are increasingly betting that bitcoin will hit the $100,000 mark in the near future.

According to CF Benchmarks, the demand for $100,000 call options on the CME has spiked, with institutional investors flocking to these contracts. A call option gives the buyer the right, but not the obligation, to purchase bitcoin at a specified price, indicating that traders are bullish on the cryptocurrency’s future price movement.

“The 30-day constant maturity 25 delta skew has breached the 5 vol threshold, suggesting an uptick in demand for bullish exposure,” said Thomas Erdösi, head of product at CF Benchmarks. “This shows that the market is positioning itself for more upside in bitcoin prices.”

The 25 delta skew, a key measure of market sentiment, compares the pricing of call and put options. A positive skew, such as the one currently observed, indicates that traders expect continued upward momentum in bitcoin’s price. The growing demand for options above the $100,000 strike price highlights that many are betting on even greater gains in the months ahead.

This bullish sentiment is in line with activity on the offshore exchange Deribit, where traders have been piling into $100,000 call options since late September.

Despite a rising dollar index, bitcoin’s price has surged by more than 36% since Donald Trump’s victory in the U.S. presidential election on November 5, further fueling optimism in the market. With a friendlier regulatory environment on the horizon, many expect bitcoin’s rally to continue, with institutional investors and retail traders alike positioning themselves for potential new highs.