June’s Bitcoin Options may have painted a less than accurate picture
bitcoinschannel.com
As previously reported, BTC Option contracts worth over $1 billion underwent expiry in June, with Longhash going as far as claiming “explosive options market growth” was behind Bitcoin’s rally. The Option contract volumes for Bitcoin and Ethereum did not register an incline as 264,420BTC Option contracts were traded in June 2020, down 20% versus May 2020.
The collective aggregation of May-June gave the appearance of an extremely bullish Options market prior to expiry, but on its own, BTC Options contracts in June were lower than May 2020. June’s decline was mostly Bitcoin’s overdue correction and the Options market allowed the crypto-asset to maintain a higher range, but it was not the sole contributor.
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