Deribit Now Allows Traders to Bet on Bitcoin’s Rally to $160k & Ethereum to $5k
Bitcoin and Ether rally is just getting started, with Deribit options’ strikes continue to be higher and higher.
Cryptocurrency derivatives platform Deribit continues to make waves with its new strike rates.
If you think Bitcoin at $100,000 was the real deal, not for Deribit users. $100k was so last month’s thing, now that Bitcoin has surged at bove $28,000 this past holiday weekend, Deribit users are now betting at much higher prices.
Today, Deribit introduced call and put options at the $160,000 Bitcoin strike price expiring on Dec. 21, 2021.
“Remember that we list based on policy, not analysis, etc. Strikes up to delta 10,” noted the exchange which is “for algorithmic traders, institutions, and savvy retail traders.”
These new contracts came just on the back of the weekend’s $140,000 BTC, which was added a few hours after $120,000.
Purchasing these call contracts is a bet that the price of Bitcoin will rise above these levels either on or before their expiry date.
At the time of writing, BTC/USD has been trading at $26,728, seeing a small pullback, after the monster rally of last week, that broke multiple levels of new highs.
But it is not just Bitcoin the crypto market is bullish on. Now that BTC has taken a small step back, Ethereum has taken the reins from the flagship cryptocurrency and after a long time surged above $700 on Monday. After going to nearly $750 yesterday, we fell back under the $700k mark but today the market is on the move again.
And according to Deribit users, ETH is just getting started as the platform added the ETH contracts with a $5,000 strike which expires on Sept. 21 and Dec. 21.
Given that ETH is still about 50% away from its ATH, the digital asset has more room to grow. Not to mention, the Ethereum futures to be launched on CME in February next year will bring a herd of institutions.