Bitcoin's surge above $100,000 has prompted traders to prepare for a potential pullback by increasing demand for put options. Puts with strike prices at $95,000 and $100,000 have the highest open interest, while options with strike prices as low as $75,000 and $70,000 are also gaining popularity. These options are set to expire between late December and late February, aligning with expectations for potential surprises in the market. However, bullish sentiment remains strong, with traders leveraging long positions and buying short-dated call options with strike prices between $100,000 and $110,000. Elevated funding rates indicate a possible correction, but institutional traders are also influencing the market with CME futures trading at high premiums. Currently, Bitcoin has corrected slightly and is valued at $98,772.



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