BIT Official: Bitcoin options traders are positioning for further upside

Jinse Finance reported that on June 15, BIT Official released its daily chart analysis, stating that Bitcoin and Ethereum are mildly rebounding from oversold levels. The slowdown in CPI month-on-month growth has somewhat improved investor confidence. Meanwhile, expectations that the Iran conflict may be resolved and speculation about a more dovish candidate for the US Federal Reserve Chair have further supported market sentiment. The options market has also validated this shift. Bitcoin traders have recently continued to buy call options, and Ethereum options flows have also turned bullish. Last week, by notional value, 33% of Ethereum options flows came from call option purchases, while only 16% were from put option purchases. Additionally, put option selling accounted for 28%, indicating that traders’ bullish confidence is strengthening.