Bitcoin climbs to $80,000 as traders buy $2.9 million calls
Business
Bitcoin just shot up to $80,000, and traders are making bold moves.
On August 24, they spent $2.9 million on call options betting that bitcoin will hit $82,000 by September 4.
If it gets there, they cash in; if not, that premium is gone.
Treasury buyback, ETF inflows lift Bitcoin
This 25% jump (from $64,000 to $80,000 in a week) comes after the US Treasury announced a bond buyback and more money flowed into spot bitcoin ETFs.
Short sellers getting squeezed also helped push prices higher.
Still, not everyone's all in. Demand for protective puts is up, showing some traders are hedging their bets in case things turn south.