BlockBeats News, May 8th, Bitcoin longs hold high expectations for the December 25th year-end option, which involves around $6 billion in funds. Since the February 6th yearly low of $60,130, the BTC price has risen by 33%, largely driving the return of market bullish sentiment. However, a large number of bullish (call) options with a target price of $115,000 and above have also raised doubts in the market about whether the longs are too optimistic.

The Deribit trading platform holds a 92% market share in December Bitcoin options open interest, amounting to $5.5 billion. On Deribit, the open interest of bearish (put) options has decreased by 56% compared to bullish options, as cryptocurrency traders have always been more inclined towards long positions, causing a skew in the put-call ratio. Nevertheless, the open interest of call options at $115,000 and above totals $1.85 billion, which is still a significant amount. However, the number of put options at $55,000 and below is also noteworthy, with a total open interest of $1 billion. This indicates that the ratio of bets on both sides, which are considered unlikely to be realized, is similar, with each holding about 50% of its open interest segment. If longs are seen as too optimistic, then shorts seem to be equally extreme in their pessimism.

The skewness indicator of options more clearly reflects professional traders' comfort with upside and downside price risks. Put options trade at a 9% premium relative to equidistant call options, indicating moderate concerns about Bitcoin's downside price volatility. Under neutral conditions, the skewness indicator should be between -6% and +6%. According to derivative indicators, during Bitcoin's rise to $80,000, investor sentiment was not substantially affected. Ultimately, the $18.5 billion open interest in December call options should not be interpreted as a sign of overconfidence on the part of the longs.