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How relevant is the $900M open interest on Bitcoin options above $100K?

Options instruments can be used for multiple strategies, which include hedging (protection) and also aiding those betting on specific outcomes. For example, a trader could be expecting a period of lower volatility in the short term but, at the same time, some significant price oscillation toward the end of 2021.

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Here's how traders use call options to increase their Bitcoin holdings

U.S futures start month slightly lower after major indexes saw gains in May