Bitcoin (BTC) has been relatively listless this month, hunching below $100,000. However, this hasn’t deterred traders from continuing to bet bullishly on the leading cryptocurrency.

This month’s most preferred options play has been buying the $110,000 call expiring on March 28, with buyers paying a cumulative net premium of over $6 million for the bullish exposure, according to the Deribit options flow tracked by Amberdata.

A call option gives the buyer the right but not the obligation to purchase the underlying asset at a predetermined price on or before a specific date. A call buyer is implicitly bullish on the market, while a put buyer is bearish, looking to hedge downside risks.

«Looking at the month-to-date flows for on-screen traders… the buying of March $110K calls has been the most active trade,» Greg Magadini, director of derivatives at Amberdata, said in a note shared with CoinDesk.

Bitcoin has mostly traded within a narrow range of $95,000 to $100,000 this month. The bulls have had some positive developments to chew on, like the continued accumulation by MicroStrategy and Abu Dhabi’s recent reveal of a $436 million investment in the bitcoin ETFs.

However, renewed macroeconomic headwinds, highlighted by last week’s hotter U.S. inflation data and frequent liquidity drains caused by the boom-bust cycles of memecoins and other small-cap tokens, appear to be capping the upside potential.

Over the weekend, a token called LIBRA zoomed to a market cap of over $4 billion, only to erase 90% of that within minutes. Argentina’s President, Xavier Milei, initially promoted the coin late Friday but backtracked in a few hours, causing a controversy that has him facing legal issues in his home country.

«Some bullish headlines hit for BTC last week, but that didn’t materialize into any real spike higher for spot prices,» Magadini said, referring to Abu Dhabi’s investment.

«Combine this news with bearish memecoin market drag (a source of bearish headlines) such as the $Libra drop, pump-fun mania and growing supply of alts [altcoins] and I see this market in stand-still. Together, this reinforces my ‘sideways’ market, lower volatility market thesis,» Magadini added.

Lawyers in Argentina are pressing charges against the country’s president, Javier Milei, over this weekend’s ‘rug pull’ of the Libra token, the Associated Press reports.

The AP says that the plaintiffs are accusing Milei of committing fraud as they claim when Milei withdrew messages supporting the token it lost its value, and this move ‘rug pulled’ investors.

Milei’s office has said publicly that it was unaware of the exact details behind the token, and only posted about it as he does with other projects and startups based in Argentina.

“The President shared a post on his personal accounts announcing the launch of KIP Protocol’s project, as he does daily with many entrepreneurs who wish to launch projects in Argentina to create jobs and attract investments,” the President’s Office told the AP, noting that they met with the team behind it at Milei’s office.

Milei has not yet been formally charged with a crime, with AP reporting that prosecutors will meet Monday to determine if the case is worth pursuing.

Meanwhile, on-chain researchers have determined that the team behind Libra may be the same behind the Melania token given the number of similar wallets.

Argentina’s President Javier Milei is facing impeachment threats after endorsing a cryptocurrency called LIBRA, purportedly intended to support small businesses, which instead crashed and lost billions of dollars in value within hours, according to Reuters.

In a now-deleted late Friday post on X, Milei promoted LIBRA as a privately run project designed to raise money for small and medium-sized Argentinian companies, adding that he doesn’t stand to reap personal gain from the project.

The token rapidly surged to a market capitalization of about $4.5 billion amid confusion over the legitimacy of Milei’s tweet, with speculation that his account may have been compromised or that scammers had deceived him.

Milei deleted the post five hours later, saying that he was “not aware of the details of the project» and, now informed, has chosen not to continue promoting it.

The market then panicked, with insiders cashing out $87.4 million worth of tokens, according to data sources Kobeissi Letter and Bubblemaps. The token’s market cap crashed 90%, erasing over $4 billion in market cap.

The country’s fintech chamber said the LIBRA case could potentially be a “rug pull,» in which developers abandon a project after taking in cash from the initial sale.

«This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president,” lawmaker Leandro Santoro, a member of the Argentine opposition coalition, said Saturday, according to Reuters.