Options traders bet that Bitcoin will break through $75,000 this month

Due to the optimistic sentiment about U.S. interest rate cuts and increased inflows of funds into exchange-traded funds, options traders are increasing their bets that Bitcoin will hit a record high by the end of this month. According to data compiled by cryptocurrency options exchange Deribit, there are most open contracts for Bitcoin call options with an exercise price of $75,000 on all expiration dates. This is followed by call options with exercise prices of $100,000 and $80,000. Deribit CEO Luuk Strijers said traders are optimistic and expect prices to set new records. The bullish sentiment in the BTC option market is driven by strong BTC ETF flows, expectations for US interest rate cuts, European Central Bank rate cuts and approval of ETH ETFs.