Bitcoin Soars to New Heights as Traders Bet Big on Six-Figure Price

Bitcoin's price continues to soar, reaching an intraday high of $79,989 on Monday as traders pile into futures and options. The leverage is evident in futures open interest, which tracks active contracts rather than closed or settled ones.

According to Coinglass data, exchange bitcoin futures open interest has surged toward $58 billion, with Binance commanding the largest slice at 144,050 BTC, worth about $11.51 billion. CME follows closely at 125,950 BTC worth $10.07 billion.

The options market is also flashing aggressive hunger for upside, with call skew jumping 0.05 in three days, its biggest increase in at least two years. This indicates that traders are not only betting on rising prices but also paying increasingly steep premiums to get aboard.

Deribit's Sept. 25 $70,000 call leads open interest with 11,037.4 BTC, while the Dec. 25 $80,000 call carries another 8,749.3 BTC. Many traders are still expecting a six-figure bitcoin price.