Bitcoin surges to $44,000, fuels $100m call option trades

According to a Dec. 20 post from Greeks.live, a trading tools solution provider to crypto options traders, bullish sentiment is evident in the Bitcoin market.

The report states that while the market has been relatively quiet today, Bitcoin (BTC) has seen upward movements in all major terms, implying volatility (IV).

Also stated in the post on X, Ethereum (ETH) has experienced a shift in trend, marked by a block trade involving the purchase of over $100 million worth of puts earlier in the day. Even amid the recent rally, the market for ETH is said to be predominantly influenced by block put trades. The post concludes that long positions are currently concentrated in BTC, while shorts dominate in ETH.

An hour later, an update indicated that long positions remained prevalent on BTC while short positions continued dominating ETH.

Previous reports from Dec. 19 indicated a positive shift for BTC as it gained momentum following a local low of approximately $40,500 on Dec. 18. A crucial indicator, the Relative Strength Index (RSI), exhibited bullish tendencies, maintaining a position around the 50 mark, suggesting further potential for upward momentum. 

This price spur stems from ongoing excitement around spot Bitcoin ETF approvals and the updates provided by notable Bloomberg Intelligence analysts like James Seyffart, which, although have been quiet today, were prevalent earlier this week.