Will Option Whales Overwhelm? What Do They Expect Next in Bitcoin? Bear or Bull?

The leading cryptocurrency Bitcoin (BTC) has been relatively flat in February and has been trading below $100,000.

Despite Bitcoin's stagnant trend, investors' bullish expectations continue to remain alive.

According to options data, investors continue to bet on the upside. At this point, according to Amberdata, the $110K call option was the most preferred option by investors on Deribit this month.***

According to the data, the $110,000 call option, which will expire on March 28, became the most preferred option by investors, and buyers paid premiums of over $6 million for bullish calls.

Greg Magadini, director of derivatives at Amberdata, speaking to Coindesk, said that the purchase of $110,000 options by the end of March was the most active transaction.

Magadini stated that although there was positive news for Bitcoin during the month, such as the Abu Dhabi investment, renewed macroeconomic negativities, such as CPI and PPI data from the US, limited BTC's bullish potential.

"There has been some bullish news for BTC over the past week, but it hasn't translated into a real uptick in spot prices.

When I combine the news of Bitcoin investment in Abu Dhabi, the decline of LIBRA, the pump-fun madness, and the increasing supply of altcoins with the bearish memecoin market drift, I see that this market is sluggish.

However, investors' bullish expectations continue."