Bitcoin Rally Sparks Speculation of $50k Surge and Spot ETF Anticipation

Traders are increasingly placing bullish bets on Bitcoin surpassing $50,000, with over 47,000 open call options at that strike price. Open interest in Bitcoin options has surged in the past two weeks, indicating a growing speculative inclination among investors. Demand for bearish bets has also increased, pushing the put-call ratio higher. Bitcoin prices have remained near their highest level since April, driven by hopes of a spot Bitcoin exchange-traded fund approval and expectations of a Federal Reserve interest rate cut.