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A strangle is essentially a bet that bitcoin’s price won’t break out anytime soon.

It’s turning out to be a boring summer for directional traders in the bitcoin market: The cryptocurrency has gone comatose in a narrow range above $30,000, less than half the all-time high reached just two months ago.

But some options traders are busy as ever, taking relatively high-risk strategies to profit from the cryptocurrency’s continued price consolidation. One of those strategies involves putting on “short strangles,” essentially a bet that bitcoin’s price won’t break out anytime soon.

“Our favorite trade continues to be short BTC strangles within the $30,000 to $40,000 range,” Singapore-based QCP Capital, said in a Telegram post on June 30. “With psychological resistance at $40,000 and strong support at $30,000, there’s a good chance that BTC trades in this $10,000 range in the near future, which would likely cause implied volatility to collapse.”
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