Bitcoin Options Traders Eye $120,000 as Token Extends Record Run

Bitcoin options traders are already setting their sights on higher prices as the original cryptocurrency extends its record-breaking rally for a second day.

As Bitcoin breached $116,000 for the first time, the open interest, or the number of outstanding contracts on the Deribit exchange, has become concentrated around Bitcoin call options with $115,000 and $120,000 strike prices. Longer-term options expiring in late September and December have seen elevated open interest at $140,000 and $150,000.

Bitcoin continued its run on Friday, climbing as much as 3.9% to around $118,000. The rally triggered a major unwinding of short positions, with over a ...