Derivative traders focused on Bitcoin after halving: Intense interest in 60 thousand

While Bitcoin continues to trade above $ 50 thousand, futures investors are especially focused on the post-halving period.

Luuk Strijers, chief trading officer at Deribit, one of the largest derivatives exchanges, associated this situation with halving and said:

“The intense interest in contracts at the end of June can be seen as positioning for the reward halving. Our charts show positioning at upward levels. “The buying-selling ratio is much less in June, at 0.28, than in March, when it was 0.55.”

As it is known, a buy-sell ratio in derivative transactions being less than 1 is seen as a sign of bullishness and indicates an increased interest in bullish purchases. Conversely, if the number is above 1, it means that the interest in bearish contracts has increased.

“There is great interest in the price between 60 thousand and 75 thousand dollars”

Strijers also commented on Deribit data showing the end of June and stated that since Bitcoin’s reward halving, which will take place in April, brought a supply-side constraint, contracts dated June 28 started to be filled with call options between 60 thousand and 75 thousand dollars.

This shows that a significant portion of investors have a bullish sentiment.

Deribit manager also stated that in the contracts at the end of March, there were high levels of call options priced at 60 thousand dollars. Strijers said that this situation cannot be equated with the sentiment at the end of June and that investors focused more on the volatility before the halving in March:

“After March, the buying-selling ratio changes significantly and call options come to the fore in the post-halving period. “This shows that the general sentiment is bullish.”

With the halving, which is expected to take place in April, the reward miners receive per block will decrease from 6.25 BTC to 3,125 BTC. This means that the number of new BTCs entering circulation in Bitcoin, whose supply is already limited, decreases.