Bitcoin options traders are already setting their sights on much higher prices while the original cryptocurrency extends its record-breaking rally for a second day.
As Bitcoin breached $113,000 for the first time, the open interest, or the number of outstanding contracts on the Deribit exchange, has become concentrated around Bitcoin call options with $115,000 and $120,000 strike prices. Longer-term options expiring in late September and December have seen elevated open interest at $140,000 and $150,000.
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