We have seen interest in loading up more topside with strong demand for the March 2024 expiry calls, one OTC desk said.

The minutes of the Nov. 1 Fed meeting may be outdated, given the post-meeting softness in economic data and resulting expectations for renewed interest-rate cuts in 2024.

Charts related to global central banks, U.S. financial conditions and the 10-year U.S. Treasury yield suggest the path of least resistance for the cryptocurrency is upward.

The notional open interest in the global BTC options market stood at $17.5 billion at press time, while open interest in the futures market was $15.84 billion.

As the spot ETF narrative hogs the limelight, the U.S. Treasury's recent decision to slow the pace of bond sales and worsening economic and geopolitical issues silently strengthen the bullish case in bitcoin.

The one-month call-put skew has risen above 10%, indicating a strongest bullish bias in 31 months.

The fund continues to sell GBTC as shares have rallied 235% this year, outperforming bitcoin and traditional risk assets.