Options traders bet big on Bitcoin reaching $120K despite low odds

Bitcoin's options market has grown into a crucial barometer for predicting market sentiment and volatility. The significant open interest (OI) at the $120,000 strike price, surpassing $640 million on Deribit alone, has captivated traders’ attention, hinting at speculative optimism for sharp price increases. What makes this especially intriguing is the delta analysis — an options metric that sheds light on the likelihood of these bold bets succeeding. With a delta of 0.10, what probability do traders really assign to Bitcoin soaring to this lofty level by year's end? Intrigued?