Bitcoin Volatility Spikes to 13-Month High as Traders Brace for Turbulence

• Deribit's Bitcoin volatility index (DVOL) has surged to 76%, the highest level since November 2022, signaling expected price turbulence over the next 30 days

• The rising volatility is leading some traders to "overwrite calls" - sell call options to generate extra income on top of their Bitcoin holdings

• Deribit has seen decent trading activity in Bitcoin call options at high strike prices up to $200,000, expiring as far out as December 2024

• Deribit accounts for 85% of the global crypto options market and has recently seen a surge in activity, with open interest across futures and options hitting a record $32 billion

• Some experts forecast Bitcoin could peak around $200,000 by September 2024 amid the ongoing bullish trend