BTC reached an all-time high of $79,000 on November 10, up 15% on the week, the highest level since February. The price surge has mainly occurred since Trump’s election, raising hopes for regulatory transparency. The annualized rolling premium for three-month Bitcoin futures on Binance and Deribit rose to 14%, the highest since June, reflecting bullish bets.
Traders have been buying $80,000 call options since before the election, anticipating a breakout before the end of the year. Amberdata data shows maximum negative gamma around $80,000, suggesting increased volatility once the price reaches that level. Negative gamma means net short exposure remains constant, and traders can buy on a potential breakout above $80,000, exacerbating bullish fluctuations in the market.
