10x Research: The current bitcoin rally may be driven by the unwinding of a large number of bearish options
PANews, March 17 — According to CoinDesk, Markus Thielen, founder of 10x Research, stated that the recent bitcoin rally has mainly been driven by a large volume of put option selling with strike prices around $55,000 and $60,000. As these options approach expiration and become increasingly unlikely to be exercised, traders are closing these positions, forcing market makers to buy bitcoin to rebalance their exposure, resulting in buying pressure that supports the price increase. Thielen pointed out that there has not yet been significant call option buying, indicating that the rally is primarily driven by hedging and position unwinding rather than proactive bullish sentiment. Earlier today, bitcoin briefly broke through $76,000, marking its first effective breakout above the long-term resistance range of $73,750–$74,400 since 2024, which has led the overall crypto market higher.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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