The firm’s transaction involved repurchasing 223 BTC put options with a $62,000 strike price, and selling the same number of put options at a $66,000 strike price. The firm’s nominal yield, as a result, rose by 2.65% to 13.4%.
Its new put option’s strike price would mean that if the price of Bitcoin drops below the $66,000 mark, it would be obligated to buy BTC at that price. It received a premium of 5.9095 BTC through the options strategy.
Metaplanet’s BTC strategy review on Oct 16, and Bitcoin ETFs $1.5 billion inflows last week confirms the narrative that major stakeholders and large investors are anticipating a more Bitcoin price gains ahead of the next US Fed meeting slated for Nov 7 2024.
If this market dynamics persist, Bitcoin price could potentially hit new global peaks above the $75,000 level in the weeks ahead.
BTC Price Forecast: $70k Breakout Could Mark Major Turning Point
At the time of writing, Bitcoin price has moved above the $68,000 level. Based on data observed in IntoTheBlock’s In/Out of the Money data, Bitcoin’s next critical resistance zone lies between $69,243 and $72,500.
Within that zone, over 994,000 addresses had acquired 630,100 BTC the last BTC price hit those level, suggesting a looming sell-wall ahead.
However, if Bitcoin can break above $72,500, this could signal the start of a fresh bullish phase, with the next major resistance zone being near the $75,000 mark, an all-time high territory.