Bitcoin options market turns bullish with $300K moonshots

Most Bitcoin options are clustering in the $100,000 to $120,000 range, with some traders betting $300,000 on moonshots.

The Bitcoin options market is revealing bets clustered around its current price of $120,000, with speculative outliers showing demand for upside exposure. On Thursday, Oct. 2, Bitcoin options clustered around the $100,000 to $120,000 range, near the current price, data from Glassnode showed.

BTC options net premium strike heatmap | Source: Glassnode

At the same time, there was a concentration of calls at $130,000, showing that the market is trending positively. Moreover, there was also growing interest in moonshot out-of-the-money options near $300,000. While these calls are unlikely to be profitable, they are relatively cheap and reflect a growing interest in upside exposure.

Overall, the state of the options market suggests that most traders expect Bitcoin (BTC) to continue trading between $100,000 and $120,000. Light interest around $130,000, as well as moonshot bets, suggests cautious optimism.

Bitcoin options reflect positive ETF flow

The likely reason for optimism is the sustained inflow of institutional capital, both through treasury firms and ETFs. Notably, macro uncertainty, especially due to the U.S. government shutdown, has pulled capital away from stocks and benefited gold and Bitcoin.

According to analysts at B2BINPAY, institutional capital was the likely reason behind Bitcoin’s rally past $120,000. Namely, net Bitcoin ETF inflows reached $1.3 billion on Oct. 2, reflecting a broader positive trend over the past few weeks.

“Looking ahead, we expect Bitcoin to test $130,000–$140,000 in the base case supported by recovering ETF flows and easing Fed expectations. The risk remains a sharp correction back to $105,000–$110,000 if macro tightening returns,” B2BINPAY analysts.

If ETF inflows sustain momentum in the fourth quarter, it will likely signal the start of a new bullish cycle, B2BINPAY analysts told crypto.news.