Traders Bet $2.9M on Bitcoin Reaching $82K Before September Expiry
Traders have placed a $2.9 million bet on Bitcoin's chances of surpassing $82,000 by September 4.
The trade involves 2,000 call options at the $82,000 strike price, which would payout if BTC is above that level on expiry.
The buyers' premium is approximately $2.9 million and their maximum loss is capped at this amount.
The move comes after a 25% weekly gain for Bitcoin, with three factors driving the rally: U.S. Treasury bond buybacks, spot Bitcoin ETF inflows of $1.9 billion in a week, and over $4 billion in short positions being liquidated.