Bitcoin Price Holds Above $60,000

The bitcoin price is currently holding above the $60,000 mark amid optimistic on-chain and derivatives market signals.

Data from CryptoQuant and Deribit suggests that traders are positioning for further price appreciation as bitcoin continues its recovery — now up more than 22% from its recent low of $49,500 on August 5.

CryptoQuant charts show that bitcoin exchange reserves on centralized exchanges in August have fallen to a multi-year low. Since the end of July, bitcoin supply on exchanges has decreased from over 2.75 million to around 2.67 million — a 3% drop in the past 30 days.


The data also show an 11% drop in bitcoin supply on centralized exchanges since the start of the year, coinciding with a nearly 43% price increase since January. Fewer coins on exchanges weaken supply-side pressures, supporting potential price appreciation.


Optimistic Options Market Indicators

SynFutures co-founder Rachel Lin outlined derivatives market indicators signaling bullish sentiment for bitcoin prices. “On the derivatives front, market sentiment remains bullish. For bitcoin, the highest open interest is on the $100,000 December expiry call option,” Lin told The Block.

Deribit metrics show the largest concentration of options being calls at $100,000 and $105,000 for upcoming expiries. The top options contract by trading volume in the past 24 hours is for end-of-month expiry calls at a strike price of $75,000.

Lin adds that Ethereum’s derivatives market is similarly optimistic, with the highest open interest being the $4,000 strike price September expiry call option, followed by the $6,000 December call.

Notably, Lin mentioned a significant lack of put options in the open interest distribution. “The top 10 open interest for bitcoin and Ethereum are all call options with no significant put options,” she said.