Traders pile millions into bets Bitcoin will hit $100,000 in September — here’s what will

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Options traders are pouring millions into bets that the cryptocurrency will hit $100,000.
Crypto market maker Wintermute analysed options data and outlines what’s driving optimism.
Runes is among drivers of the expected rally.

Traders are loading up on bullish options that pay off if Bitcoin reaches $100,000 in September, according to crypto market maker Wintermute.

It’s a sign they’re optimistic, and they have been since February, Jake Ostrovskis, an over-the-counter trader at the firm, told DL News. He added that Bitcoin’s ability to hover at or above $60,000 is a sign that short sellers are fleeing.

Bullish options

Options activity for contracts expiring in December, and ones expiring in March next year, is mostly bullish, he said.

Contracts representing almost $6.3 billion worth of Bitcoin will expire on April 26, according to options metrics platform basedmoney, almost two-thirds of which are bullish.

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Traders have piled another $3.3 billion in bullish Bitcoin bets expiring on June 28 that pay off if the price reaches $75,000.

Bartosz Lipiński, CEO of crypto exchange Cube, who used to work at hedge fund Citadel, told DL News that despite macroeconomic concerns and a post-halving sell-off, buyers are stepping in.

He said he’s seeing “a good amount of demand,” as traders bought $1.2 billion worth of Bitcoin during a recent low.

Bargain hunters are seizing on lower prices to buy so-called satoshis, the smallest unit of measure possible for Bitcoin, Lipiński said.

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Ostrovskis concurred.

“We noted significant spot buying across the board” via over-the-counter desks, he said.

Lipiński named the Hong Kong spot Bitcoin ETFs and a Bitcoin token protocol called Runes as bullish catalysts.

Launched on the weekend, Runes allows developers and investors to interact with Bitcoin-native tokens, such as memecoins, in an easier fashion.

“How much Bitcoin bulls run up the price is anyone’s guess, but I’d say a new highwater mark is dependent more on Runes than anything else,” Lipiński said. “Early indications are that it will likely deliver on expectations.”

Crypto market movers

Bitcoin slumped 2.8% in the last 24 hours, and is trading for $64,710.
Ethereum is down 1.7% in the same period, at $3,170.

What we’re reading

Tom Carreras is a markets correspondent at DL News. Got a tip about Bitcoin and options? Reach out at tcarreras@dlnews.com