Bitcoin’s Options Frenzy: Open Interest Hits Record-Breaking $17 Billion  

• Bitcoin Options sees increasing demand as the market goes past its previous all-time high of $16 billion. 

• Bitcoin has also been predicted to go as high as $150,000 by 2025, thanks to a possible spot Bitcoin ETF approval. 

Bitcoin (BTC) is leading the general crypto market to another bull run as altcoins break yearly highs in an attempt to recover more than half of their lost all-time high values. One area of the leading digital asset that has caught attention is the Bitcoin Options. The previous all-time high for this market was $16.35 billion, but following weeks of rising interest, Bitcoin Options has gone past $17 billion. Currently, the value sits at $17.5 billion after reaching its highest at $18.05 billion on November 10. 

In this market, investors can make a purchase or sale of an asset at a predetermined price through options on any future date. It is important to note that the contract demands that the execution price be set at the cost of obtaining the option. 

This news was shared by renowned trading analyst Will Clemente on X. The comment section had mixed reactions from users as some believe that another dip could be on the way. 

It is also obvious that the growth cut across all other areas of the asset as the Bitcoin price surged by 24.76 percent in the last 3 months to trade at $35,684.89. Over the period, $7,082.06 has been added to the price. Bitcoin is up by 1 percent in the last seven days and 27 percent in the last 30 days. 

Altcoins Still Bullish Amid the Expected Spot Bitcoin ETF Approval

Altcoins are also enjoying a “good ride” in the market with Solana up by 7 percent to trade at $59.37. In just 3 months, the asset has surged by 154.24 percent and has gained an additional $36.02 to its value.  

According to analysts, Solana currently has a bullish sign with a score of 99/100. In the last 24 hours, Avalanche (AVAX) has also surged by 8.82.

The rising interest across the crypto market has been linked to the increasing possibility of a spot Bitcoin ETF approval. According to experts, there is a 75 percent chance of an ETF approval this year, and a perfect approval chance next year. With all of these in the pipeline, a senior analyst specializing in digital assets at global asset management firm Alliance Bernstein, Gautam Chhugani, has predicted that Bitcoin could go as high as $150,000 by 2025. 

You may not like Bitcoin as much as we do, but a dispassionate view of Bitcoin as a commodity suggests a turn of the cycle. A good idea is only as good as its timing — SEC-approved ETFs by the world’s top asset managers (Blackrock, Fidelity, et al), seems imminent.

According to him, losing miners could be “washed out” of the ecosystem after the Bitcoin halving event next year. This could create a favorable condition for the remaining participants to make an incredible profit. It is also predicted that a spot Bitcoin ETF approval could certainly attract about 10 percent of Bitcoin’s circulating supply into the market. According to Bernstein, it looks more certain that there could be a spot-based ETF by next year January. As of now, there are about 8 to 10 spot Bitcoin ETF applications under consideration.