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Bitcoin Price Tops $80K as Futures Premium Soars and $1.6B in Open Options Bet Hints Big Swings
Futures premiums soar, indicating a bias for bullish bets.
Updated Nov 10, 2024, 6:16 p.m. Published Nov 10, 2024, 5:55 a.m.
- BTC topped $80,000 during the North American hours.
- Futures premiums soar, indicating a bias for bullish bets.
- The popularity of the $80,000 call on Deribit points to potential dealer hedging around the key level.
Bitcoin rose past $80,000 as traders scrambled to add bullish exposure in derivatives linked to the leading cryptocurrency.
BTC set a new high of $80,095, taking the cumulative weekly gain to 15%, the highest since February, CoinDesk data show. Most gains have happened since Donald Trump won the U.S. election held Thursday, raising hopes of regulatory clarity for the digital assets industry.
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The annualized rolling premium in three-month bitcoin futures listed on prominent exchanges Binance and Deribit has surged alongside the price, topping 14% for the first time since June, according to data source Velo. The so-called futures basis on the CME rose past 10% on Friday.
The uptick in the premium reflects a bias for bullish bets and may entice carry traders looking to profit from price discrepancies between the two markets.
Elsewhere, open interest in the $80,000 strike BTC call, offering an asymmetric upside potential to buyers beyond the said level, increased above $1.6 billion, according to data source Deribit. Traders have been piling into the $80,000 call since before the U.S. election, anticipating a breakout before the end of year-end.
Data tracked by Amberdata show the $80,000 strike has the most negative gamma and as such volatility could increase sharply once prices reach that level.
Holding negative gamma means holding a net short exposure at a specific level. Concentration of negative gamma at $80,000 means dealers or entities tasked with providing liquidity to order books could buy the potential breakout above $80,000, adding to bullish volatility in the market.
14:24 UTC: Updates latest prices in the title and the text.
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