Bitcoin climbs above $75,800 as put‑option unwinds
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- Bitcoin surged past $75,000 to $75,800, breaking the long‑term resistance corridor of $73,750‑$74,400.
- Markus Thielen of 10x Research said the rally was driven largely by the unwinding of bearish put‑option hedges around $55,000‑$60,000 as traders recognized they were unlikely to finish in‑the‑money.
- CoinDesk 20 Index rose 5% to 2,202 points, reflecting broader crypto market gains as altcoins also climbed.
- Ethereum jumped nearly 8% to $2,360, helped by increasing demand for bullish options bets.
- XRP gained 8% as the broader market rallied.
- Solana rose 4% alongside other altcoins.
Why it matters: Traders who held short puts lose as they unwind, while market makers buying BTC to rebalance push prices higher, benefitting Bitcoin holders and altcoin investors. The rally also lifts the CoinDesk 20 Index, signaling broader crypto market strength and may attract fresh capital.
