Bitcoin Eyes First 9-Week Bull Run as Options Open Interest Hits $1B

Bitcoin (BTC) is just days from sealing the longest weekly bull run in its history, as markets continue to push for $10,000 support.

Data from Cointelegraph Markets, CoinMarketCap and TradingView confirmed that as of May 8, BTC/USD was on course for its eighth consecutive green candle on weekly time frames.

Bitcoin 10-month weekly chart. Source: TradingView

This has only happened three times in Bitcoin’s history — if next week also closes higher, it will mark the first time ever that BTC/USD has closed nine green weekly candles.

The impressive price statistics capture the bullish trend that has characterized Bitcoin since it began recovering from its 60% crash in March. 

Many figures have publicly stated their renewed faith in gains continuing this year, among them Mike Novogratz, who called Thursday’s reclaiming of $10,000 “exciting.”

“Exciting day for $btc,” he tweeted.  

I want to point out that we aren’t even at the years highs.   This rally is just starting.   Don’t miss the bus.

Sentiment swiftly turns “greedy”

However, not all indicators point to bullish behavior marching on unchecked. As $10,000 reappeared, the famous Crypto Fear & Greed Index crossed over from its previous “neutral” setting to “greed.”

Just days ago, the Index showed “fear” as the prevailing market sentiment, with its abrupt U-turn possibly signaling that progress was occurring too quickly to be sustainable.

Other metrics also put in sudden highs, including Bitcoin options’ open interest, which hit $1 billion for the first time ever on Thursday.

Bitcoin options contract changes on May 7. Source: Skew/ Twitter

As monitoring resource Skew noted, the composition of options is changing fast. On the day, the four largest increases in open interest on options contracts were puts: two on Deribit for $7,000 and $7,500, and two on CME at $12,500 and $10,500.

As Cointelegraph reported, a previous high in Bitcoin futures open interest this week — $399 million — produced mixed feelings among analysts.