Analysts: Bitcoin options traders focus on call options above $80,000

ChainCatcher news, according to The Block, an analyst stated that Bitcoin options traders are increasingly focusing on call options with strike prices above $80,000 that expire in November.

The market anticipates two significant events next month: the U.S. presidential election on November 5 and the U.S. Federal Open Market Committee (FOMC) interest rate decision on November 8. Bitwise's Head of Research for Europe, André Dragosch, stated, "Currently, the highest number of open contracts for Bitcoin options is for those expiring on November 8, which is the day of the FOMC meeting and a few days after the U.S. election, clearly leaning towards call options. This supports the hypothesis that Bitcoin options traders are generally preparing for a bullish outcome." The market widely expects the Federal Reserve to announce a 25 basis point cut to the federal funds rate at the meeting on November 8, with the current probability of a rate cut at 90.2%. A rate cut could increase risk appetite in the broader market, and traders seem to be positioning themselves accordingly in cryptocurrencies.