Bitcoin Derivatives Bet Big on $80,000 Price Surge

Bitcoin's price has made a significant rebound above $70,000 after a temporary ceasefire between the US and Iran weighed on oil prices. The fragile truce has fueled hopes for a Federal Reserve rate cut, which could strengthen risk assets including bitcoin.

The Deribit data shows that the $80,000 call option is now the most popular trade in derivatives, with over $1.6 billion in open interest. This is a significant shift from recent months when the $60,000 put was dominant.

On-chain data suggests that whales and options traders are betting on a massive BTC reversal towards $80,000. Analysts predict a potential supply squeeze and breakout towards $100,000 by June, with continued weakness in oil prices contributing to inflation concerns and potentially supporting rate cuts.