🚀 Bitcoin Surges to $111K Amid High Options Demand

On Thursday, the cryptocurrency market experienced a surge, with Bitcoin reaching a new peak at $111,889. This rise is part of a wider bullish trend affecting various cryptocurrencies. The GMCI 30 Index, charting 30 leading cryptos by market capitalization, also saw gains. The demand for crypto options is at an all-time high, with Bitcoin options open interest surpassing $45.8 billion, dominating 84% of the digital options market. Ethereum options have also grown, contributing to a total options open interest of over $53.8 billion, the highest since December 2024. Geoffrey Kendrick from Standard Chartered cited combined market stimulants driving Bitcoin's rise. According to his May 22 report, aligned drivers have catalyzed this growth. Kendrick has reaffirmed a $500,000 target for Bitcoin, supported by increased exposure through assets like Strategy's MSTR. In recent months, funds have shifted from gold to Bitcoin, with BTC ETFs drawing $7.5 billion in net gains. Kendrick emphasizes Bitcoin's link to U.S. Treasury term premiums, suggesting enhanced appeal amid market risks. Despite optimism, Dr. Kirill Kretov of CoinPanel warns of possible volatility due to high open interest and limited liquidity. Paul Howard from Wincent predicts further gains as the regulatory environment improves. As excitement builds, experts suggest a 'buy in May and go away' approach could benefit investors. However, caution is advised due to potential rapid changes in the market. The Block remains an independent outlet, delivering unbiased crypto industry insights.