Bitcoin Traders Bullish as Futures Open Interest Hits 2021 High

Traders are flocking to bullish bets on Bitcoin, with many placing options contracts that will profit if the cryptocurrency trades above $70,000 by June 28, and some even eyeing $100,000 by the summer. The surge in demand for spot Bitcoin exchange-traded funds has also been notable, with significant inflows in the US market. The options data from derivatives platform Deribit indicates a strong bullish sentiment among traders, with open positions on various price targets, including $60,000, $65,000, $70,000, $75,000, and $100,000 by the expiration date in June.