Bitcoin options volume hits $3.3B amid price surge to 2-month high.

Bitcoin’s sudden rise in value to a two-month high has led to increased demand for call options and activity in the options market. The surge in price to $30,800 on Wednesday was attributed to recent applications for spot bitcoin ETFs by BlackRock, WisdomTree, and Invesco, indicating sustained institutional interest in the cryptocurrency. The shift in market trajectory has led traders to turn to options to chase the rally, with bitcoin options contracts worth $3.3 billion changing hands across major exchanges, including Deribit, on Wednesday. Call options at strike prices of $30,000, $31,000, $32,000, and $40,000 have been popular among traders in the past 24 hours. The increased demand for options has pushed Deribit’s bitcoin volatility index, DVOL, to 59.24, the highest since early April.

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