Bitcoin (BTC) derivatives traders were anything but bearish during Monday's crash, data reveals — options volumes prepare a giant $200 1000000 all-time high.

According to figures collated by monitoring resource Skew Markets, volatility which saw BTC/USD descend to ii-month lows of $7,625 sparked a surge in options trading.

BTC options near $200M daily

Amass book from CME Group and exchanges such as Deribit and OKEx totaled $198 one thousand thousand as the week began. The effigy easily eclipses the previous record of around $175 million seen in Feb.

Bitcoin options volume. Source: Skew

Bitcoin options volume. Source: Skew

Since then, volatility has seen Bitcoin surpass $eight,000 before erasing its gains on Tuesday, returning to levels at around $7,800. In traditional markets, the Dow Jones likewise reversed the progress made prior to opening on the day.

$8K critical for miners

Analysts remained highly cautious about the short-term outlook for BTC/USD. The expanse around $eight,000 remained disquisitional, Capriole digital asset manager Charles Edwards noted, as it represents Bitcoin'southward average production cost for miners.

Afterward May's block reward halving issue, he said, that product cost volition skyrocket to effectually $17,800, with $8,000 set to be a "pessimistic" toll flooring for the rest of this year.

"I wouldn't put a specific engagement on information technology, my target is for mid-late 2022," Edwards added.

Earlier, Cointelegraph reported that fifty-fifty at $7,600, Bitcoin would be performing exactly as expected according to stock-to-flow, one of its well-nigh historically accurate toll forecasting models.