10x Research: Bitcoin's Current Rally May Be Driven by Massive Bearish Options Unwinding

MarsBitNews · 2026-03-17T03:14:07+00:00

Bitcoin's rise is primarily driven by put option sellers covering positions, with traders closing out causing market makers to buy to balance their exposure, forming price support. Currently, there is no significant call option buying activity, indicating the rally is driven by hedging-related position closures. Bitcoin briefly broke through $76,000, propelling the crypto market higher.

MarsBitNews

2026-03-17 03:14:07

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Mars Finance reports that according to CoinDesk, Markus Thielen, founder of 10x Research, stated that the recent Bitcoin rally is mainly driven by a large volume of put options sold near $55,000 and $60,000. As these options approach expiration and become less likely to be exercised, traders close their positions, forcing market makers to buy Bitcoin to rebalance their exposure, creating buy orders that support the price increase. Thielen pointed out that there has been no significant buying of bullish options, indicating that the rally is primarily driven by hedge unwinding rather than active bullish sentiment. Bitcoin briefly broke above $76,000 this morning, marking its first effective break above the long-term resistance zone of $73,750-$74,400 since 2024, boosting the overall crypto market.

BTC1.35%

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