Cryptocurrency analyst Gordon Grant shared the reason behind the recent rises in the cryptocurrency market, especially Bitcoin (BTC).
In a recent interview with The Block, Gordon Grant focused on one of the reasons for Bitcoin’s rise. Grant, the factor that triggered the rise short directional decline in options while stating that it could be Friday, January 26 He pointed out options expiring on the following day:
The fact that there are far fewer short options at the $40,000 level may be fueling Bitcoin’s recent rally; The supply of hedging investors is relatively limited and the market is made up of a large number of short options. We had such data, especially thanks to the options that expired on January 26.
New option demands coming after expiring options are more prevalent long Stating that the decline in short positions is directional, the analyst corresponds to 3 billion dollars he stated. The Block has confirmed the accuracy of this data.
According to data from Deribit, the largest cryptocurrency options exchange, the largest bitcoin open interest volume for all maturity dates is currently Clustered to 50,000 level is available. This means that investors have an advantage at least up to those levels. expected to rise and this indicates that they may seek a short position after the rise.