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Bitcoin: Traders Prepare For Bitcoin Outbreak!




Options traders prepare with Riot Blockchain, Inc (NASDAQ: RIOT) Call contracts on a large Bitcoin (CRYPTO: BTC) Breaking the bull ahead.

The proof-of-work bitcoin mining stock can be affected by the wild fluctuations in the price of bitcoin, as it often rises when bitcoin rises and trades down in unison when bitcoin falls.

Bitcoin traded higher on Friday, still within the bull flag formation Benzinga had named, trying to hit the $ 48,817 level again. If Bitcoin can regain that level as support, it has room to move towards the important psychological level of $ 50,000.

Riot tries to break out of its own bull flag pattern to the top. The stock created the pole of the pattern when it rose 25% between August 19-25, and the flag formation was formed when Riot consolidated on Thursday and Friday.

Options traders believe Riot stock is on a massive uptrend and bought bullish call contracts for a total of over $ 2.43 million. Most of the options bought were jumps and had a whopping $ 115 exercise price that expires on January 20, 2023.

Why is it important?

A sweep order indicates that the trader wanted to get into a position quickly and anticipates a large move in the stock price to come. A sweeper pays the market price for the call or put option instead of placing a bid, which scours the order books of multiple exchanges to fill the order instantly.

Secure free PDF report on Riot Blockchain: Download here for free

These types of option orders are typically made by institutional investors. For retail investors, it can be useful to be on the lookout for sweepers as this is a sign that “smart money” has entered a position.

The RIOT trades

Below is a look at the notable courtesy option warnings:




  • At 9:34 a.m., a trader executed a call sweep near the ask price of 245 Riot blockchain options with an exercise price of $ 32 that expire on August 27th. The trade represented a bullish bet worth $ 115,150 for which the trader paid $ 4.70 per option contract.
  • At 9:35 a.m., a trader executed a call sweep near the ask price of 200 Riot blockchain options with an exercise price of $ 36 and a term ending September 17. The trade represented a bullish bet valued at $ 74,000 for which the trader paid $ 3.70 per options contract.
  • At 9:55 a.m., a trader executed a call sweep near the ask price of 200 Riot blockchain options with an exercise price of $ 115 and a term ending January 20, 2023. The trade represented a bullish bet valued at $ 137,000 for which the trader paid $ 6.85 per options contract.
  • At 10:21 a.m., a trader executed a call sweep near the ask price of 266 Riot blockchain options with an exercise price of $ 70 and a term ending January 20, 2023. The trade represented a bullish bet valued at $ 308,560 for which the trader paid $ 11.60 per options contract.
  • At 10:28 a.m., a trader executed a call sweep near the ask price of 200 Riot blockchain options with an exercise price of $ 115 and a term ending January 20, 2023. The trade represented a bullish bet valued at $ 151,000 for which the trader paid $ 7.55 per options contract.
  • At 10:28 a.m., a trader executed a call sweep near the ask price of 200 Riot blockchain options with an exercise price of $ 115 and a term ending January 20, 2023. The trade represented a bullish bet valued at $ 151,000 for which the trader paid $ 7.55 per options contract.
  • At 10:28 a.m., a trader executed a call sweep near the ask price of 200 Riot blockchain options with an exercise price of $ 115 and a term ending January 20, 2023. The trade represented a bullish bet valued at $ 151,000 for which the trader paid $ 7.55 per options contract.
  • At 10:33 a.m., a trader executed a call sweep near the ask price of 223 Riot blockchain options with an exercise price of $ 115 and a term ending January 20, 2023. The trade represented a bullish bet valued at $ 180,575 for which the trader paid $ 7.75 per options contract.
  • At 10:34 a.m., a trader executed a call sweep near the ask price of 200 Riot blockchain options with an exercise price of $ 115 and a term ending January 20, 2023. The trade represented a bullish bet worth $ 158,000 for which the trader paid $ 7.90 per option contract.
  • At 10:34 a.m., a trader executed a call sweep near the ask price of 200 Riot blockchain options with an exercise price of $ 115 and a term ending January 20, 2023. The trade represented a bullish bet worth $ 158,000 for which the trader paid $ 7.90 per option contract.
  • At 10:35 a.m., a trader executed a call sweep near the ask price of 200 Riot blockchain options with an exercise price of $ 115 and a term ending January 20, 2023. The trade represented a bullish bet worth $ 158,000 for which the trader paid $ 7.90 per option contract.
  • At 10:43 a.m., a trader executed a call sweep near the ask price of 417 Riot blockchain options with an exercise price of $ 115 and a term ending January 20, 2023. The trade was equivalent to a bullish bet worth $ 333,600 for which the trader paid $ 8 per options contract.
  • At 10:43 a.m., a trader executed a call sweep near the ask price of 223 Riot blockchain options with an exercise price of $ 115 and a term ending January 20, 2023. The trade represented a bullish bet valued at $ 178,846 for which the trader paid $ 8.02 per options contract.
  • At 11:16 a.m., a trader executed a call sweep near the ask price of 200 Riot blockchain options with an exercise price of $ 41 and a term ending September 3. The trade was a $ 26,200 bull market bet for which the trader paid $ 1.31 per options contract.
  • At 11:46 a.m., a trader executed a call sweep near the ask price of 200 Riot blockchain options with an exercise price of $ 35 and a term ending September 3. The trade was equivalent to a $ 90,000 bull market for which the trader paid $ 4.50 per options contract.
  • At 12:35 p.m., a trader executed a call sweep near the ask price of 516 Riot blockchain options with an exercise price of $ 40 and a term ending September 3. The trade was equivalent to a $ 64,500 bull market for which the trader paid $ 1.25 per options contract.

RIOT price development: Riot Blockchain shares were trading 6.39% at $ 38.60 on Friday afternoon.

Buy, hold or sell Riot Blockchain?

How will Riot Blockchain evolve now? Is your money safe in this stock? The answers to these questions and why you need to act now can be found in the latest analysis of the Riot Blockchain Stock.


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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