With Coinbases highly anticipated direct listing IPO expected to take place next month, options traders appear to be betting that Bitcoin will once again soar to new alltime highs in the coming weeks. On March 24, the founders of crypto analytics firm Glassnode tweeted data suggesting that options traders on peertopeer crypto derivatives exchange, Deribit, are loading up on contracts set to expire on April 30 with a strike price of 80,000.

Contracts worth a notional value of 4,000 BTC have been purchased targeting the pricepoint in total, more than any other strikeprice by at least 50. Should the price be less than 80,000 at the end of April, the contracts will expire worthless, indicating high conviction that the Bitcoin markets are still a long way from topping out among derivatives traders.

However, according to crypto derivatives data aggregator Skew, probability estimates based on market data for the April 30 contract suggests there is just a 6.19 chance of BTC prices being above 80,000 when the positions mature. Significant volume has also converged around the contracts with a strike price of 120,000, meaning some traders believe the Bitcoin price will more than double over the next five weeks. Skew estimates it is only 2.15 likely Bitcoin will reach 100,000 by the April 30 expiry date.

Skew estimates 91 of BTC options contracts traded in the past 24 hours changed hands on Deribit, followed by Bit.com with 5, OKEx with 2, and CME and LedgerX with roughly 1 each….