Gate News reports that on March 17, 10x Research founder Markus Thielen stated that Bitcoin’s recent rally was mainly driven by a large volume of put options sold near $55,000 and $60,000 strike prices. As these options approach expiration and become less likely to be exercised, traders close their positions, forcing market makers to buy back Bitcoin to rebalance their exposure, creating buy pressure that supports the price increase. Thielen pointed out that there has been no significant buying of bullish options, indicating that the rally is primarily driven by hedge unwinding rather than active bullish bets. Bitcoin briefly broke above $76,000 this morning, marking its first effective break above the long-term resistance zone of $73,750-$74,400 since 2024, boosting the overall crypto market.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
