Bitcoin Traders Bet on $200K Price in Options Frenzy

• Deribit data shows high activity in deep out-of-the-money $200K bitcoin call options, nearly 3 times the current BTC price

• Total open interest in these options has surged to over $20 million, indicating renewed animal spirits and interest like in 2021

• Traders betting on BTC hitting 6 figures in coming months due to impending halving supply squeeze

• Bitcoin recently hit new highs above $69K, up 60% year-to-date; crypto options open interest at record $20B on Deribit

• Deep OTM calls are like lottery tickets - limited downside but large upside if BTC price exceeds the strike